The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase. and 45 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 155 units @ $6.00 = 75 units @ 180 units. 410 units @ $5.00 $ 4.50 E Complete this question by entering your answers in the tabs below. $930 375 810 $2,115 Units sold at Retail 85 units @ $15.00 95 units @ $15.00 180 units Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (b) weighted average, (c) FIFO, and (d) LIFO:
The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase. and 45 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 155 units @ $6.00 = 75 units @ 180 units. 410 units @ $5.00 $ 4.50 E Complete this question by entering your answers in the tabs below. $930 375 810 $2,115 Units sold at Retail 85 units @ $15.00 95 units @ $15.00 180 units Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (b) weighted average, (c) FIFO, and (d) LIFO:
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
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