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Home/ Questions/Laker Company reported the following January purchases and sales data for its only product.
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kttutoria
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kttutoriaExpert
Asked: April 10, 20222022-04-10T08:13:29+00:00 2022-04-10T08:13:29+00:00In: Accounting

Laker Company reported the following January purchases and sales data for its only product.

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Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units...

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

 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.

......... ADVERTISEMENT .........

..8..

Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units...

......... ADVERTISEMENT .........

..8..

Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units...

......... ADVERTISEMENT .........

..8..

Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units...


♦ Relevant knowledge

If the inventory goes to customers There are many ways for management to determine the cost of the goods sold and to determine the final inventory. The methods comprise the FIFO (First in First out), LIFO (Last In First Out) as well as weighted average and the specific method of identification. The methods differ in their the complexity of their methods and, in turn accuracy.
costfifolifo
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    kttutoria Expert
    2022-04-17T05:53:56+00:00Added an answer on April 17, 2022 at 5:53 am

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  2. tonytutoria
    2022-04-10T09:01:01+00:00Added an answer on April 10, 2022 at 9:01 am

    Solutions:


    Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units...


    Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units...

    R 7 U V W XYZ Computation of ending inventor and cost of goods under specific identification Purchase date Available for sale Jan 30 $7.50 $8.00 $840.00 Jan 30 Jan 30 Jan 31 Jan 30 Jan Purchase 2301 $7.50 $6.00 $7.50 $1.725.00 505 250 $2.145.00 $1.945.00 230 2) Sheet157 (17). Sheet612 Sheet613 sheet614 Sheet
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