Question

Lander Company reported the following January purchases and sales data for its only product. Date Activities...

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

Date

Activities

Units Acquired at Cost

Units sold

Jan.

1

Beginning inventory

240

units

@

$

16.50

Jan.

10

Sales

190

units

Jan.

20

Purchase

170

units

@

$

15.50

Jan.

25

Sales

190

units

Jan.

30

Purchase

380

units

@

$

15.00

REQUIRED:

1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) weighted average, (b) FIFO, and (c) LIFO.

2. If the company’s sales price per unit is $25.50, how much is the company’s profit using (a) weighted average, (b) FIFO, and (c) LIFO.

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