Answer Happy

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost Units sold at Retail 156 units @ $6.00 - $ 936 84 units $15.00 Jan. 20 Purchase 76 units @ $5.00 - 380 Jan. 25 Sales 96 units @ $15.00 Jan. 30 Purchase 810 180 units @ $4.50- 412 units Totals. $2 126 180 units Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Required: 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.
Weighted Specific Id FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 232 units, w are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold #of units in ending Inventory Cost per unit Ending Inventory Beginning inventory 156 $ 6.00 $ Purchases Jan 20 70 $ 5.00 Jan. 30 180 $4.50 412 $ Weighted Average > Total # of units $ 936 380 810 2,126 0 0 S
Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places) b) Weighted average - Periodic Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Average Cost Cost of Goods # of units sold Average Cost per Unit Cost of Goods Available for Sale per unit of units in ending Inventory Average Cost per unit Sold Beginning inventory $ Purchases: Jan 20 Jan. 30 $ Total 156 76 180 412 $ 936 380 810 2,126 S Ending Inventory
Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Available for Sale Cost per unit Cost of Goods # of units Available for Sale sold Beginning inventory 936 Purchases: Jan. 20 380 Jan. 30 810 2,126 0 < Weighted Average Total # of units 156 76 180 412 6.00 $ 5.00 4.50 $ Cost of Goods Sold Cost per unit # of units in ending Inventory Cost of Goods Sold $ 이 LIFO > Ending Inventory Cost per unit Ending Inventory S 0
5 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost per unit Cost of Goods Available for Sale of units sold Beginning inventory 936 Purchases: Jan. 20 Jan. 30 Total # of units 156 76 180 412 6.00 $ 5.00 4.50 $ 380 810 2,126 Cost of Goods Sold Cost per unit 0 Cost of Goods Sold $ 0 # of units in ending Inventory Ending Inventory Cost per unit 0 Ending Inventory $