CourseLover

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Teaching Since: May 2017
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    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 10 Dec 2017 My Price 10.00

y purchases and sales data for its only product

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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 240  units @ $ 8.80  = $ 2,112              
 Jan. 10   Sales                   135  units @ $ 16.80  
 Jan. 20   Purchase 310  units @ $ 7.80  =   2,418              
 Jan. 25   Sales                   235  units @ $ 16.80  
 Jan. 30   Purchase 180  units @ $ 6.80  =   1,224              
                       
      Totals 730  units         $ 5,754   370  units        
                       

  
 

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
 I struggled trying to get the COGS and the ending inventory balance for January 25

 

Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 180 are from the January 30 purchase, 80 are from the January 20 purchase, and 100 are from beginning inventory.

Answers

CourseLover
(12)
Status NEW Posted 10 Dec 2017 03:12 PM My Price 10.00

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