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Orange Happy New YearMonday, September 19, 2016Connect - Financial Accounting Chapter 5
Questions 1-4[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=$840Jan.10 Sales100 units@$ 15Jan.20 Purchase60 units@$5.00=300Jan.25 Sales80 units@$ 15Jan.30 Purchase180 units@$4.50=810Totals380 units$1,950180 unitsRequired:The Company uses a perpetual inventory system. For specific identification, ending inventory consistsof 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and15 are from beginning inventory.
1.1.Complete the table to determine the cost assigned to ending inventory and cost of goods soldusing specific identification. (Round cost per unit to 2 decimal places.)2.2.Determine the cost assigned to ending inventory and to cost of goods sold using weightedaverage.(Round cost per unit to 2 decimal places.)3.
3.Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)