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. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 195 units @ $ 12.00 = Units sold at Retail $2,340 January 10 Sales 155 units $ 21.00 January 20 Purchase January 25 Sales January 30 Purchase Totals 120 units $ 11.00 = 290 units @ $ 10.50 = 605 units 1,320 135 units e $ 21.00 3,045 $ 6,705 290 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 195 units @ $ 12.00 = Units sold at Retail $2,340 January 10 Sales 155 units $ 21.00 January 20 Purchase January 25 Sales January 30 Purchase Totals 120 units $ 11.00 = 290 units @ $ 10.50 = 605 units 1,320 135 units e $ 21.00 3,045 $ 6,705 290 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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Description: iRequired information[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 290 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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