accounting 1

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DanielleRevised12-14-20ACCT201_U4_IP_template.xlsx
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Data

Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
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 140  units @ $ 6 = $ 840
Jan. 10 Sales 100  units @ $ 15
Jan. 20 Purchase 60  units @ $ 5 = 300
Jan. 25 Sales 80  units @ $ 15
Jan. 30 Purchase 180  units @ $ 4.5 = 810
Totals 380  units $ 1,950 180  units
The Company uses a perpetual 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.

Specific ID

Specific Identification
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
1-Jan 140 @ $0.00
January 10 100 @ $ - 0 40 @ $0.00 $0.00
January 20 $5.00 40 @ $ 6.00 = $240.00
0 @ $ 5.00 $0.00
$240.00
25-Jan @ $ 6.00 = $ - 0 @ $ 6.00 = $ - 0
@ $ 5.00 = $ - 0 @ $ 5.00 = $ - 0
$ - 0
30-Jan 180 @ 0 @ $ 6.00 $ - 0
0 @ $ 5.00 $ - 0
$0.00 $ - 0
Totals ERROR:#VALUE! 0 $ - 0

FIFO

Perpetual FIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
1-Jan 140 @ $0.00
January 10 100 @ $ - 0 40 @ $0.00 $0.00
January 20 $5.00 40 @ $ 6.00 = $240.00
0 @ $ 5.00 $0.00
$240.00
25-Jan @ $ 6.00 = $ - 0 @ $ 6.00 = $ - 0
@ $ 5.00 = $ - 0 @ $ 5.00 = $ - 0
$ - 0
30-Jan 180 @ @ $ 6.00 $ - 0
0 @ $ 5.00 $ - 0
$0.00 $ - 0
Totals ERROR:#VALUE! $ - 0

LIFO

Perpetual LIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
1-Jan 140 @ $0.00
January 10 100 @ $0.00 $ - 0 40 @ $0.00 $0.00
January 20 $5.00 40 @ $ 6.00 = $240.00
0 @ $ 5.00 $0.00
$240.00
1
25-Jan @ $ 6.00 = $ - 0 @ $ 6.00 = $ - 0
@ $ 5.00 = $ - 0 @ $ 5.00 = $ - 0
$ - 0
30-Jan 180 @ @ $ 6.00 $ - 0
@ $ 5.00 $ - 0
$0.00 $ - 0
Totals ERROR:#VALUE! $ - 0