Laker company reported the following January

by | Mar 18, 2020 | Uncategorized

  

Laker company reported the following January purchases and sales data for its only product.

Date

Activities

Units acaquired at cost

Units sold at retail

Jan 1

Begin inventory

140 units@ 6.00 =$840

Jan 10

Sales

100 units @ 15

Jan 20

Purchases

60 units@ 5.00 = 300

Jan 25

Sales

80 units @ $15

Jan 30

Purchases

180 units @ 4. 50 = 810

Totals

380 units 1, 950

180 units

The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of good using (a)specific identification, (b) weighted average, (c) FIFO, and (d) LIFO, (round per units costs and inventory amounts to cents.). For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, an 15 are from the beginning inventory.

  

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