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Required information [The following information applies to the questions displayed below.) Laker Company reported the following...

Question

Required information [The following information applies to the questions displayed below.) Laker Company reported the following...

Required information [The following information applies to the questions displayed below.) Laker Company reported the followi
Saved Required information Cost per Cost per unit Determine the cost assigned to ending inventory and to cost of goods sold u
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 Retail Jan. 1 Beginning inventory 220 [email protected] $14.50 = $3,190 Jan. 10 Sales 170 units $23.50 Jan. 20 Purchase 170 [email protected] $13.50 = 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 340 [email protected] $13.00 = 4,420 Totals 730 units $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below.
Saved Required information Cost per Cost per unit Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of # of units Date Cost of Goods Cost per # of units Inventory units unit sold unit Sold Balance January 1 220 @ $ 14,50 $ 3.190.00 January 10 0 January 20 170 $13.50 0 170 @ $ 13,50 2,295.00 $ 2,295.00 at ht January 25 $13.50 0.00 e $ 13.50 = ences January 30 340) @ $ 13.00 @ @ $ 13,50 $ 13.00 Totals < Required 3

Answers

1) calculation of cost of goods sold and ending inventory using specific identification :

date goods purchased cost of goods sold ending inventory
no. of units cost per uit in $ no. of units cost per uit in $ cost of goods sold in $ no. of units cost per uit in $ inventory balance in $
jan. 1 220 14.50 3190
jan. 10 170 14.50 2465 50 14.50 725
jan. 20 170 13.50 50 14.50 725
170 13.50 2295
jan. 25 35 14.50 507.5 15 14.50 217.50
165 13.50 2227.5 5 13.50 67.5
jan. 30 340 13 15 14.50 217.50
5 13.5 67.50
340 13 4420
totals 370 5200 360 4705

2) calculation of cost of goods sold and ending inventory using weighted average method :

date goods purchased cost of goods sold ending inventory
no. of units cost per uit in $ no. of units cost per uit in $ cost of goods sold in $ no. of units cost per uit in $ inventory balance in $
jan. 1 220 14.50 3190
jan. 10 170 14.50 2465 50 14.50 725
jan. 20 170 13.50 220 (725+2295)/220 = 13.73 3020
jan. 25 200 13.73 2746 20 13.73 274
jan. 30 340 13 360 (274+4420)/360 = 13.04 4694
totals 370 5211 360 4694

3) calculation of cost of goods sold and ending inventory using fifo method :

date goods purchases cost of goods sold ending inventory
no. of units cost per uit in $ no. of units cost per uit in $ cost of goods sold in $ no. of units cost per uit in $ inventory balance in $
jan. 1 220 14.50 3190
jan. 10 170 14.50 2465 50 14.50 725
jan. 20 170 13.50 50 14.50 725
170 13.50 2295
jan. 25 50 14.50 725 20 13.50 270
150 13.50 2025
jan. 30 340 13 20 13.50 270
340 13 4420
totals 370 5215 360 4690

4) calculation of cost of goods sold and ending inventory using lifo method :

date goods purchased cost of goods sold ending inventory
no. of units cost per uit in $ no. of units cost per uit in $ cost of goods sold in $ no. of units cost per uit in $ inventory balance in $
jan. 1 220 14.50 3190
jan. 10 170 14.50 2465 50 14.50 725
jan. 20 170 13.50 50 14.50 725
170 13.50 2295
jan. 25 170 13.50 2295 20 14.50 290
30 14.50 435
jan. 30 340 13 20 14.50 290
340 13 4420
totals 370 5195 360 4710

cost of goods sold andending inventory :

methods cost of goods sold ending inventory
spcific identification $5200 $4705
weighted average method $5211 $4694
fifo method $5215 $4690
lifo method $5195 $4710

note :

total of ending inventory as on only January 30 = 20 units @ $14.50 and 340 units @ $13
so total units of ending inventory = 20 + 340 = 360 units
ending inventory in units = total available units - units sold
ending inventory in units = 730 - 370 = 360 units
and 360 units ending inventory always remain in each of four methods
so ending inventory will be 360 units (20 + 340 ) in using lifo method

thank you

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