Units sold at Retail
110 units @
90 units @
200 units
Cost of Goods
Sold
$
$ 16.50
$ 16.50
LIFO >
# of units in
ending
inventory
Ending Inventory
Cost per
unit
0
Ending
Inventory
$
0/n2
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Required information
[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
perpetual inventory system. For specific identification, ending inventory consists of 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Complete this question by entering your answers in the tabs below.
Specific Id Weighted Average FIFO
Total
Beginning inventory
Purchases:
January 20
January 30
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending
inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
c) Periodic FIFO
Units Acquired at Cost
150 units @ $7.50 =
80 units @ $ 6.50 =
200 units @
430 units
$ 6.00 =
LIFO
# of units
Cost of Goods Available for Sale
Cost per
unit
0
Cost of Goods
Available for Sale
$
0
# of units
sold
$1,125
520
1,200
$ 2,845
Cost of Goods Sold
Cost per
unit
0
< Weighted Average
Units sold at Retail
110 units @
90 units Ⓒ
200 units
Cost of Goods
Sold
$16.50
$16.50
# of units in
ending
inventory
LIFO >
Ending Inventory
Cost per
unit
0
Ending
Inventory
$
0/n2
Part 2 of 3
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A
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n
References
Required information
[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 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Complete this question by entering your answers in the tabs below.
Specific Id Weighted Average
Total
Beginning inventory
Purchases:
January 20
January 30
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending
inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
FIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Note: Round cost per unit to 2 decimal places.
b) Weighted average - Periodic
Units Acquired at Cost
150 units @ $ 7.50-
80 units @
$ 6.50 =
$ 6.00 =
200 units e
430 units
LIFO
# of units
Cost of Goods Available for Sale
0
Average Cost Cost of Goods
Available for
per unit
Sale
$
0
$ 1,125
# of units
sold
520
1,200
$ 2,845
Units sold at Retail
110 units
@
@
90 units
200 units
< Specific Id
Cost of Goods Sold
Average
Cost per
Unit
Cost of Goods
Sold
0
$16.50
$16.50
FIFO >
# of units in
ending
inventory
Ending Inventory
Average Cost
per unit
$
Ending
Inventory
0/n2
Part 2 of 3
6.66
points
Skipped
eBook
B
Hint
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G
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r
References
!
Required information
[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 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Specific Id Weighted Average
Total
Complete this question by entering your answers in the tabs below.
Beginning inventory
Purchases:
January 20
January 30
FIFO
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending
inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Units Acquired at Cost
150 units @ $ 7.50-
LIFO
# of units
80 units @
200 units @
430 units
Cost per
unit
Cost of Goods Available for Sale
Cost of Goods
Available for
Sale
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January
20 purchase, and 25 units from beginning inventory.
a) Specific Identification
$
$ 6.50 =
$ 6.00 =
$ 1,125
520
1,200
$ 2,845
# of units
sold
Cost of Goods Sold
< Specific Id
Units sold at Retail
110 units
@
@
90 units
Cost per
unit
200 units
$
Cost of Goods
Sold
# of units in
ending
inventory
$16.50
$16.50
Weighted Average >
Ending Inventory
Cost per
unit
0
$
Ending
Inventory
0
