Solution-Determine the cost assigned to ending inventory

Determine the cost assigned to ending inventory

Reference no: EM131690466

Question - Laker Company reported the following January purchases and sales data for its only product.

Date	Activities	Units Acquired at Cost	Unit Sold at Retail
Jan 1	Beginning inventory	140 units @ $6.00 = $840
Jan 10	Sales		100 units @ $15
Jan 20	Purchase	60 units @ $5.00 = 300
Jan 25	Sales		80 units @ $15
Jan 30	Purchase	180 units @ $4.50 = 810
	Totals	380 units $1,950	180 units

Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are 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.

Reference no: EM131690466

Questions Cloud

Create a sample program budget : Describe the health concerns of the community and Identify current environmental risk assessment methods which apply to public health issues

What is the point that orator is attempting to get across : What is the point that the orator is attempting to get across and how are they doing it? Listening to the speech, how does it affect you?

Discuss violent harm to others and a civil risk : Discuss the differences between a criminal risk of dangerousness assessment regarding violent harm to others and a civil risk

Hired under an affirmative action program : "Affirmative action does not work. When you're hired under an affirmative action program,

Determine the cost assigned to ending 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

How your thoughts relate to source material that you chose : Explain how your thoughts relate to the source material that you chose. Provide a Works Cited for your source. For assistance, review MLA handout.

Explain the early childhood professional''s responsibility : Explain why relationships among various sectors in the early childhood field are critical to the healthy growth and development of each young child.

Psychological problemalso be individual vs nature : How the imagery describing some of the ghosts and others (like the witches!) help to communicate how strange and terrible the world is to Macbeth?

Define motivation and describe some attributes that affect : Define motivation and describe some attributes that affect it.

User Account

All Pages

Determine the cost assigned to ending inventory

Reference no: EM131690466

Reference no: EM131690466

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT