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, 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 @

Datause The Following Information For The Exercises Belowthe Followi

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, 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 @ $ - 0 40 @ $0.00 $0.00 January 20 $5. @ $ 6.00 = $240. @ $ 5.00 $0.00 $240.-Jan @ $ 6.00 = $ - 0 @ $ 6.00 = $ - 0 @ $ 5.00 = $ - 0 @ $ 5.00 = $ - 0 $ - -Jan 180 @ 0 @ $ 6.00 $ - @ $ 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 @ $ - 0 40 @ $0.00 $0.00 January 20 $5. @ $ 6.00 = $240. @ $ 5.00 $0.00 $240.-Jan @ $ 6.00 = $ - 0 @ $ 6.00 = $ - 0 @ $ 5.00 = $ - 0 @ $ 5.00 = $ - 0 $ - -Jan 180 @ @ $ 6.00 $ - @ $ 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 @ $0.00 $ - 0 40 @ $0.00 $0.00 January 20 $5. @ $ 6.00 = $240. @ $ 5.00 $0.00 $240.-Jan @ $ 6.00 = $ - 0 @ $ 6.00 = $ - 0 @ $ 5.00 = $ - 0 @ $ 5.00 = $ - 0 $ - -Jan 180 @ @ $ 6.00 $ - 0 @ $ 5.00 $ - 0 $0.00 $ - 0 Totals ERROR:#VALUE! $ - 0 Thompson (2020) text.

Read “Apple Inc: Exemplifying a Successful Strategy†in Illustration Capsule 1.1. ILLUSTRATION CAPSULE 1.1 Apple Inc.: Exemplifying a Successful Strategy Apple Inc. is one of the most profitable companies in the world, with revenues of more than $225 billion. For more than 10 consecutive years, it has ranked number one on Fortune’s list of the “World’s Most Admired Companies.†Given the worldwide popularity of its products and services, along with its reputation for superior technological innovation and design capabilities, this is not surprising. The key elements of Apple’s successful strategy include: Designing and developing its own operating systems, hardware, application software, and services.

This allows Apple to bring the best user experience to its customers through products and solutions with innovative design, superior ease-of-use, and seamless integration across platforms. The ability to use services like iCloud across devices incentivizes users to join Apple’s technological ecosystem and has been critical to fostering brand loyalty. Continuously investing in research and development (R&D) and frequently introducing products. Apple has invested heavily in R&D, spending upwards of $11 billion a year, to ensure a continual and timely injection of competitive products, services, and technologies into the marketplace. Its successful products and services include the Mac, iPod, iPhone, iPad, Apple Watch, Apple TV, and Apple Music.

It is currently investing in an Apple electric car and Apple solar energy. Strategically locating its stores and staffing them with knowledgeable personnel. By operating its own Apple stores and positioning them in high-traffic locations, Apple is better equipped to provide its customers with the optimal buying experience. The stores’ employees are well versed in the value of the hardware and software integration and demonstrate the unique solutions available on its products. This high-quality sale and after-sale supports allows Apple to continuously attract new and retain existing customers.

Expanding Apple’s reach domestically and internationally. Apple operates globally in 500 retail stores across 18 countries. During fiscal year 2017, 63 percent of Apple’s revenue came from international sales. Maintaining a quality brand image, supported by premium pricing. Although the computer industry is incredibly price competitive, Apple has managed to sustain a competitive edge by focusing on its inimitable value proposition and deliberately keeping a price premium—thus creating an aura of prestige around its products.

Committing to corporate social responsibility and sustainability through supplier relations. Apple’s strict Code of Conduct requires its suppliers to comply with several standards regarding safe working conditions, fair treatment of workers, and environmentally safe manufacturing. Cultivating a diverse workforce rooted in transparency. Apple believes that diverse teams make innovation possible and is dedicated to incorporating a broad range of perspectives in its workforce. Every year, Apple publishes data showing the representation of women and different race and ethnicity groups across functions.

Unit 4 IP Model Problem 1 LLK Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory $1,400 Jan. 10 Sales 160 units @ $18.00 = $2,880 Jan. 20 Purchase 1,020 Jan.

25 Sales 100 units @ $18.00 = $1,800 Jan. 30 Purchase units $3, units $4, units @ $6.80 = 160 units @ $5.90 = LLK uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using specific identification, weighted average, FIFO, and LIFO. Units Acquired at Cost Units sold at RetailActivities 200 units @ $7.00 = 2 Reminder: Cost of Goods Sold is found by the following formula: Beginning Inventory + Purchases = Cost of Goods Available for Sale – Ending Inventory = Cost of Goods Sold Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Units Cost per Unit Ending Inventory Cost Jan. 1 Beg.

Inv. 200 $7.00 180 $7.00 $1,260 20 $7.00 $140 Jan. 20 Purchase 150 $6.80 80 $6. $6.80 476 Jan. 30 Purchase 160 $5.90 0 $5. $5.90 944 $1,804 $1,560 Beginning inventory $1,400 Purchases 1,964 Cost of goods available for sale 3,364 Ending inventory (1,560) Cost of goods sold $1,804 For specific identification, ending inventory consists of 250 units, where 160 are from the January 30 purchase, 70 are from the January 20 purchase, and 20 are from beginning inventory. 1.

Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. Ending InventoryCost of Goods SoldAvailable for Sale Total Date Jan. 1 Beginning inventory $1,400 Jan. 10 Sales 160 units @ $18.00 = $2,880 Jan. 20 Purchase 1,020 Jan.

25 Sales 100 units @ $18.00 = $1,800 Jan. 30 Purchase units $3, units $4, units @ $6.80 = 160 units @ $5.90 = Units Acquired at Cost Units sold at RetailActivities 200 units @ $7.00 = . Determine the cost assigned to ending inventory and to cost of goods sold using perpetual FIFO. Date Jan. 1 Beginning inventory $1,400 Jan.

10 Sales 160 units @ $18.00 = $2,880 Jan. 20 Purchase 1,020 Jan. 25 Sales 100 units @ $18.00 = $1,800 Jan. 30 Purchase units $3, units $4, units @ $6.80 = 160 units @ $5.90 = Units Acquired at Cost Units sold at RetailActivities 200 units @ $7.00 = Date Units Unit Cost Units Sold Unit Cost COGS # of units Unit Cost Inventory Balance Jan. 1 200 $7.00 200 $7.00 $1,400.00 Jan.

10 160 $7.00 $1,120.00 40 $7.00 280.00 Jan. 20 150 $6.80 40 $7.00 280. $6.80 1,020.,300.00 Jan. 25 40 $7.00 280.00 0 $7.00 0.00 60 $6.80 408.00 90 $6.80 612...00 Jan. 30 160 $5.90 0 $7.00 0. $6.80 612.00 160 $5.90 944.00 Total $1,808.00 250 $1,556.00 Beginning Inventory $1,400.00 Purchases 1,964.00 Cost of goods available for sale 3,364.00 Ending inventory (1,556.00) Cost of goods sold $1,808.00 Goods purchased Cost of Goods Sold Ending Inventory . Determine the cost assigned to ending inventory and to cost of goods sold using perpetual LIFO.

Date Jan. 1 Beginning inventory $1,400 Jan. 10 Sales 160 units @ $18.00 = $2,880 Jan. 20 Purchase 1,020 Jan. 25 Sales 100 units @ $18.00 = $1,800 Jan.

30 Purchase units $3, units $4, units @ $6.80 = 160 units @ $5.90 = Units Acquired at Cost Units sold at RetailActivities 200 units @ $7.00 = Date Units Unit Cost Units Sold Unit Cost COGS # of units Unit Cost Inventory Balance Jan. 1 200 $7.00 200 $7.00 $1,400.00 Jan. 10 160 $7.00 $1,120.00 40 $7.00 280.00 Jan. 20 150 $6.80 40 $7.00 280. $6.80 1,020.,300.00 Jan. 25 40 $7.00 280.00 100 $6.80 680.00 50 $6.80 340..00 Jan. 30 160 $5.90 40 $7.00 280. $6.80 340.00 160 $5.90 944.00 Total $1,800.00 250 $1,564.00 Beginning Inventory $1,400.00 Purchases 1,964.00 Cost of goods available for sale 3,364.00 Ending inventory (1,564.00) Cost of goods sold $1,800.00 Goods purchased Cost of Goods Sold Ending Inventory 5 Unit 4 IP Model Problem Slide Number 2 Slide Number 3 Slide Number 4 Slide Number 5