Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales. Purchase Sales Purchase Totals. Units Acquired at Cost 160 units @ $ 8.50 = 100 units 240 units 500 units @ e $ 7.50 = $ 7.00 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 $ 1,360 750 1,680 $ 3,790 Units sold at Retail e 120 units 120 units 240 units e $ 17.50 $ 17.50 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.
Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales. Purchase Sales Purchase Totals. Units Acquired at Cost 160 units @ $ 8.50 = 100 units 240 units 500 units @ e $ 7.50 = $ 7.00 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 $ 1,360 750 1,680 $ 3,790 Units sold at Retail e 120 units 120 units 240 units e $ 17.50 $ 17.50 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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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![Required information
Use the following information for the Exercises 3-7 below. (Algo)
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. The Company uses a
perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30
purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
160 units @ $ 8.50 =
100 units
$ 7.50 =
@
240 units @
500 units
$ 7.00 =
Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
$ 1,360
750
1,680
$ 3,790
Units sold at Retail
120 units
120 units
240 units
@
@
$ 17.50
$ 17.50
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F291697d1-a703-449a-ab9b-b55955cb3467%2Fa4e8af86-75a2-4cb3-a540-a516a6ef96d2%2F503ct03i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises 3-7 below. (Algo)
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. The Company uses a
perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30
purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
160 units @ $ 8.50 =
100 units
$ 7.50 =
@
240 units @
500 units
$ 7.00 =
Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
$ 1,360
750
1,680
$ 3,790
Units sold at Retail
120 units
120 units
240 units
@
@
$ 17.50
$ 17.50
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.
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