[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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 175 units @ $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units @ $ 19.00 Purchase Totals 130 units @ 275 units @ 580 units $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 chase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending entory and to cost of goods sold using (a) 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 175 units @ $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units @ $ 19.00 Purchase Totals 130 units @ 275 units @ 580 units $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 chase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending entory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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Description: !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. For specific identification,ending inventory consists of 275 units

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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On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
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