Use the following information for the Exercisesbelow.
[The following information applies to the questionsdisplayed below.]
Laker Company reported the following January purchases and salesdata for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
140
units
@
$
6.00
=
$
840
Jan.
10
Sales
100
units
@
$
15
Jan.
20
Purchase
60
units
@
$
5.00
=
300
Jan.
25
Sales
80
units
@
$
15
Jan.
30
Purchase
180
units
@
$
4.50
=
810
Totals
380
units
$
1,950
180
units
The Company uses a perpetual inventory system. For specificidentification, ending inventory consists of 200 units, where 180are from the January 30 purchase, 5 are from the January 20purchase, and 15 are from beginning inventory.
Exercise 6-3 Perpetual: Inventory costing methods LO P1
Required:
1. Complete the table to determine the costassigned to ending inventory and cost of goods sold using specificidentification.
2. Determine the cost assigned to ending inventoryand to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventoryand to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventoryand to cost of goods sold using LIFO.
Required 3
Required 4
Complete the table to determine the cost assigned to endinginventory and cost of goods sold using specific identification.
Specific Identification
Available for Sale
Cost of Goods Sold
Ending Inventory
Purchase Date
Activity
Units
Unit Cost
Units Sold
Unit Cost
COGS
Ending Inventory- Units
Cost Per Unit
Ending Inventory- Cost
Jan. 1
Beginning inventory
140
Jan. 20
Purchase
60
Jan. 30
Purchase
180
380
0
$0
0
$0
Determine the cost assigned to ending inventory and to cost ofgoods sold using weighted average. (Round cost per unit to 2decimal places.)
Weighted Average - Perpetual:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Date
# of units
Cost per unit
# of units sold
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
January 1
140
@
$6.00
=
$840.00
January 10
January 20
Average cost
January 25
January 30
Totals
Determine the cost assigned to ending inventory and to cost ofgoods sold using FIFO.
Perpetual FIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Date
# of units
Cost per unit
# of units sold
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
January 1
140
@
$6.00
=
$840.00
January 10
January 20
January 25
January 30
Totals
Determine the cost assigned to ending inventory and to cost ofgoods sold using LIFO.
Perpetual LIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Date
# of units
Cost per unit
# of units sold
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
January 1
140
@
$6.00
=
$840.00
January 10
January 20
January 25
January 30
Totals
Use the following information for the Exercisesbelow.
[The following information applies to the questionsdisplayed below.]
Laker Company reported the following January purchases and salesdata for its only product.
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||||||||
Jan. | 1 | Beginning inventory | 140 | units | @ | $ | 6.00 | = | $ | 840 | |||||||
Jan. | 10 | Sales | 100 | units | @ | $ | 15 | ||||||||||
Jan. | 20 | Purchase | 60 | units | @ | $ | 5.00 | = | 300 | ||||||||
Jan. | 25 | Sales | 80 | units | @ | $ | 15 | ||||||||||
Jan. | 30 | Purchase | 180 | units | @ | $ | 4.50 | = | 810 | ||||||||
Totals | 380 | units | $ | 1,950 | 180 | units | |||||||||||
The Company uses a perpetual inventory system. For specificidentification, ending inventory consists of 200 units, where 180are from the January 30 purchase, 5 are from the January 20purchase, and 15 are from beginning inventory.
Exercise 6-3 Perpetual: Inventory costing methods LO P1
Required:
1. Complete the table to determine the costassigned to ending inventory and cost of goods sold using specificidentification.
2. Determine the cost assigned to ending inventoryand to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventoryand to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventoryand to cost of goods sold using LIFO.
Required 3
Required 4
Complete the table to determine the cost assigned to endinginventory and cost of goods sold using specific identification.
|
Determine the cost assigned to ending inventory and to cost ofgoods sold using weighted average. (Round cost per unit to 2decimal places.)
|
Determine the cost assigned to ending inventory and to cost ofgoods sold using FIFO.
|
Determine the cost assigned to ending inventory and to cost ofgoods sold using LIFO.
|