1 answer

Use the following information for the Exercises below. [The following information applies to the questions displayed...

Question:
Use the following information for the Exercises below. [The following information applies to the questions displayed below) L

Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific iden
Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific iden
Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific iden
Use the following information for the Exercises below. [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product Units sold at Retail Unite Mequired at Coat 140 units $6.00 - $ 840 100 units $15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 unita $5.00 300 80 units $15 $4.50 180 units 380 unita The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost ola Ending Inventory Ending Cost Par Ending Inventory inventory Units Cost Unit Cost COGS Beginning inventory Purchase Purchase < Prey 23 of 8 Next >
Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific iden 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of #of units Cost per Date Cost per Cost of Goods unit Sold Cost per unit Inventory Balance January 1 140 @ $6.00 - $ 840.00 January 10 January 201 Average cost January 25 January 30 Totals < Required 1 Required 3 > < Prey 23 of 8 I N
Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using UFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the contened to ending inventory and to cost of goods sold using FIFO. (Round cost per un to decimal places) Goods Purchased Coup Cost of Goods Sold o n Cost per cost of Goods old it colper non s January 1405 6.00 - 14.00 January 10 January 20 Required 2 23 of 8 Next > MacBook Air
Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual UFO: Goods Purchased # of Cost per Date cast of Goods Sold #of units Cost per Cost of Goods Sold Inventory Balance Cost per Inventory unit Balance 140 @ $ 6.00 - $840.00 January 1 January 10 January 20 < Required 3 < Prev 23 of 8 Next > MacBook Air
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Answers

FIFO METHOD
PURHASES COST OF GOODS SOLD CLOSING BALANCE
Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost
Jan, 01 Begnning inventory 140 $           6.00 840
Jan, 10 Sales 100 $               6.00 600 40 $           6.00 240
Jan, 20 Purchases 60 $                       5.00 $300 40 $           6.00 240
60 $           5.00 $300
40 $                      6.00 240
Jan, 25 Sales 40 $                      5.00 $200 20 $           5.00 $100
Jan, 30 Purchases 180 $                       4.50 $810 20 $           5.00 $100
180 $           4.50 $810
LIFO METHOD
PURHASES COST OF GOODS SOLD CLOSING BALANCE
Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost
Jan, 01 Begnning inventory 140 $           6.00 840
Jan, 10 Sales 100 $               6.00 600 40 $           6.00 240
Jan, 20 Purchases 60 $                       5.00 $300 40 $           6.00 240
60 $           5.00 $300
60 $                      5.00 $300
Jan, 25 Sales 20 $                      6.00 120 20 $           6.00 120
Jan, 30 Purchases 180 $                       4.50 $810 20 $           6.00 120
180 $           4.50 $810
WEIGHTED AVG. METHOD
PURHASES COST OF GOODS SOLD CLOSING BALANCE
Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost
Jan, 01 Begnning inventory 140 $           6.00 840
Jan, 10 Sales 100 $               6.00 600 40 $           6.00 240
Jan, 20 Purchases 60 $                       5.00 $300 100 $           5.40 $      540.00
Jan, 25 Sales 80 $               5.40 $432 20 $           5.40 $      108.00
Jan, 31 Purchases 180 $                       4.50 $810 200 $           4.59 $      918.00
240 $1,110 180 $1,032 200 $918
SPECIFIC ID METHOD
PURHASES COST OF GOODS SOLD CLOSING BALANCE
Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost
Jan, 01 Begnning inventory 140 $                       6.00 $840 125 $               6.00 $750 15 $           6.00 $90
Jan, 20 Purchases 60 $                       5.00 $300 55 $               5.00 $275 5 $           5.00 $25
Jan, 31 Purchases 180 $                       4.50 $810 180 $           4.50 $810
380 $                          1,950 180 $           1,025 200 925
.

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