Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. "laker company reported the following january purc

"Laker Company reported the following January purchases and sales data for its only product. The...

80.2K

Verified Solution

Question

Accounting

"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system.
Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average."
Date Activities Units Acquired at Cost Units sold at Retail
Units "Cost
per unit" Total cost Units Selling price per unit Total Sales
January 01 Beginning inventory 140 $6.00 $840
January 10 Sales 100 $15.00 $1,500
January 20 Purchase 60 $5.00300
January 25 Sales 80 $15.00 $1,200
January 30 Purchase 180 $4.50810
Totals 380 $1,950180 $2,700
Weighted Average Cost of Goods Sold Inventory Balance
Date Activities Units "Cost
per unit" Cost of goods sold Units Cost per unit Total Cost
January 01 Beginning inventory 140 $6.00 $840.00
January 10 Sales 100
January 20 Purchase
January 25 Sales 80
January 30 Purchase
Totals 180 $0.00
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

The specific internal energy of helium at 300 K and 1 atm is 3800 J/mol, and...

Medical Sciences
1.2K views

Based on research studies, a) what is the reaction order for COVID-19? b) is the reaction rate...

Accounting
1.2K views

Budgeted overhead cost $1,050,000 Estimated machine hours 50,000 Estimated direct labor hours 10,000 Estimated direct materials cost $1,500,000 Maverick’s inventory count, completed on...

Accounting
1.2K views

Companies are not required to, but have the option to, value some or all of their...

Biology
1.2K views

At which phase are centrioles beginning to move apart in dividing animal cells A telophase...

Geometry
1.2K views

The figure below represents of a full circle Find the measure of the marked central...

Basic Math
1.2K views

Pamela sets aside $100 per month during her 40 year career. She invests in the...

Accounting
1.2K views

FINAL GRADED ASSIGNMENT Scenario 1: (values 30 marks) The Office of the Auditor General...

Accounting
1.2K views

Which of the following transactions would have no change on capital? Select one: O a....

Finance
1.2K views

Molly bought 4.25 pounds of fish for $10.20 a. What is the unit rate (cost...

Accounting
1.2K views

Coach industies ropor gie ing Actual direct material used Actual direct material cost per pound...

Finance
1.2K views

a 1 yr $8000 par value bond has a 9.10% coupon rate with interest paid...