# ch5_hw_all_revised.pdf - Chapter 5 Homework 6:34 PM...

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3/11/15, 6:34 PMChapter 5 HomeworkPage 1 of 42.Exercise 5-3 Perpetual: Inventory costing methods LO P1[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product.DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1 Beginning Inventory140 units @\$ 6.00 =\$840Jan. 10 Sales100 units @\$15 Jan. 20 Purchase60 units @\$ 5.00 = 300Jan. 25 Sales80 units @\$15 Jan. 30 Purchase180 units @\$ 4.50 = 810Totals380 units \$ 1,950180 units Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of200 units, where 180 are from the January 30 purchase and 20 are from the January 20 purchase.rev: 11_27_2014_QC_58242, 01_20_2015_QC_CS-3903referencesThis question and its points have been dropped for all students
3/11/15, 6:34 PMChapter 5 HomeworkPage 2 of 43.award:0.28 pointsProblems? Adjust creditfor all students.Exercise 5-3 Part 22.Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.(Round cost per unit to 2 decimal places. Amounts to be deducted should be indicated with aminus sign.)\$\$\$\$\$\$\$\$\$\$+/-0.01\$\$+/-0.01\$\$+/-0.01\$\$\$\$\$\$\$+/-0.01\$\$Weighted Average - Perpetual:Goods purchasedCost of Goods SoldInventory BalanceDate# of unitsCost per unit# of units soldCost per unitCost of Goods Sold# of unitsCost per unitInventory BalanceJanuary 1140@6.00=840.00January 10100@6.00=600.0040@6.00=240.00January 2060@5.0040@6.00=240.0060@5.00=300.00Average cost100@5.40540.00January 2580@5.40=432.0020@5.40=108.00January 30180@4.5020@5.40=108.00180@4.50=810.00Totals1,032.00200@4.59918.00Explanation:Weighted average perpetualDateGoods PurchasedCost of Goods SoldInventory BalanceJan. 1 140 @ \$6.00=\$840 Jan. 10 100 @ \$6.00=\$600 40 @ \$6.00=\$240 Jan. 20[email protected]\$5.0040 @ \$6.0060 @ \$5.00=\$540 (avg. cost is \$5.40) Jan. 2580 @ \$5.40=\$432 20 @ \$5.40=\$108 Jan. 30[email protected]\$4.5020 @ \$5.40180 @ \$4.59=\$918 \$ 1,032 (avg. cost is \$4.59)View Hint #1referencesebook & resources
3/11/15, 6:34 PMChapter 5 HomeworkPage 3 of 44.award:0.28 pointsProblems? Adjust creditfor all students.5.award:0.28 pointsProblems? Adjust creditfor all students.Exercise 5-3 Part 33.Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$\$Perpetual FIFO:Goods purchasedCost of Goods SoldInventory BalanceDate# of unitsCost per unit# of units soldCost per unitCost of Goods Sold# of unitsCost per unitInventory BalanceJanuary 1140@6.00=840.00January 10100@6.00=600.0040@6.00=240.00January 2060@5.0040@6.00=240.0060@5.00=300.00540.00January 2540@6.00=240.00@6.00=40@5.00=200.0020@5.00=100.00440.00100.00January 30180@4.50@6.0020@5.00=100.00180@4.50=810.00Totals1,040.00910.00Explanation:No further explanation details are available for this problem.View Hint #1referencesebook & resourcesExercise 5-3 Part 4