Acc280 Financial Accounting: E6-1 Laker Company reported the following January

Note: There are other variation of the original textbook problem where the numbers/amounts will be different - so you need to make sure you take the time to COMPARE your requirements and what is shown in the website/below. However, if you review the solution we provided below, you can follow and understand how the answers were derived by checking the worksheet cell formulas and links as well as the notes and explanations indicated in the solution.

Acc280 Financial Accounting

Laker Company reported the following January purchases and sales data for its only product. Purchases Sales
Units Unit Cost Total Units Unit Cost
Jan 1. Beg. Inventory 140 6.00 840
Jan10 Sales 100 15.00
Jan 20 Purchase 300 5.60 1,680
Jan 25 Sales 250 15.00
Jan 30 Purchase 100 5.00 500
Totals 540 $3,020 350

Laker uses perpetual inventory system. Ending inventory consists of 190 units, 100 from the Jan.30 purchase,70 fom the Jan. 20 purchase, and 20 from beginning inventory.

Complete the table to determine the cost assigned to ending inventory and to cost of goods sold using 2) specific identification b) weighted average c) FIFO and d) LIFO
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