___________Accounting BETTER Inventory, Specific Average FIFO LIFO.docx

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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.Date Activities Units Acquired at Cost Units sold at RetailJan. 1 Beginning inventory 235 units @ $ 16.00 = $ 3,760 Jan. 10 Sales 185 units @ $ 25.00 Jan. 20 Purchase 180 units @ $ 15.00 = 2,700 Jan. 25 Sales 200 units @ $ 25.00 Jan. 30 Purchase 370 units @ $ 14.50 = 5,365 Totals 785 units $ 11,825 385 units ________________________________________The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.rev: 03_14_2019_QC_CS-162819Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Available for sale Cost of goods sold Ending Inventory Date Activity Units Cost Units Cost COGS Units Cost Cost Jan. 1 Beg, Inv. 235 $16.00 210 $16.00 $3,360 25 $16.00 $400 25 are from beginning inventory.

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