Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the following information for the exercises 3-

Use the following information for the Exercises 3-7 below. (Algo) Skip to question ...

60.1K

Verified Solution

Question

Accounting

Use the following information for the Exercises 3-7 below. (Algo)
Skip to question
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 240 units @ $ 16.50= $ 3,960
January 10 Sales 190 units @ $ 25.50
January 20 Purchase 170 units @ $ 15.50=2,635
January 25 Sales 190 units @ $ 25.50
January 30 Purchase 380 units @ $ 15.00=5,700
Totals 790 units $ 12,295380 units
Assume the perpetual inventory system is used.
Required:
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

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

Finance
1.2K views

the us central bank has the stated goal of promoting sustainable economic growth, maintaining stable price level...

Chemistry
1.2K views

4. Given the following half reaction Fe(OH)3 (s) + e- +3H+ çè Fe2+ + 3H2O log K...

Biology
1.2K views

One of the main screening tests available for prostate cancer is the test O PSA

Basic Math
1.2K views

Consider the functions f(x) = 2x ? 8 and g(x) =x/2 +4.(a) Find f(g(x)).(b) Find...

Statistics
1.2K views

Let A and B be two independent events If P A 0 5 what can...

Calculus
1.2K views

Suppose and y are both differentiable functions of t andxy = ? 8Determinedydt=dydt"dxdtgiven = 6,...

Algebra
1.2K views

12 2 n 11n 28 n 9n 1 n 5 n n 9

Accounting
1.2K views

SECTION B QUESTION 1 (44 MARKS; 79 MINUTES) Sports4U is an entity that sells sports...

Accounting
1.2K views

Twenty metrics of liquidity, Solvency, and Profitability The comparative financial statements of Automotive Solutions Inc....

Accounting
1.2K views

prepeare the schedules last picture is required ...

Finance
1.2K views

Your investment portfolio consists of $14,000 invested in only one stock Microsoft. Suppose the risk-free...

Finance
1.2K views

Which are the asset types of the future?