Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 7.00

Laker Company

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

Date   Activities   Units Acquired at Cost   Units sold at Retail
Jan.   1   Beginning Inventory   320   units   @   $   10.40   =   $   3,328                       
Jan.   10   Sales                              175   units   @   $   18.40     
Jan.   20   Purchase   390   units   @   $   9.40   =      3,666                       
Jan.   25   Sales                              315   units   @   $   18.40     
Jan.   30   Purchase   260   units   @   $   8.40   =      2,184                       
         
            
   
            
       Totals   970   units               $   9,178      490   units              
         
            
   
            
  

Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 480 units, where 260 are from the January 30 purchase, 75 are from the January 20 purchase, and 145 are from beginning inventory.

. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 07:08 PM My Price 7.00

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