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920 [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. The

920 [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 101 Activities Beginning inventory Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Required: Units Acquired at Cost 230 units @ $15.50- Units sold at Retail $ 3,565 180 units 19 $ 24.50 198 units $14.50 2,755 220 units $24.50 400 units 820 units $14.00 5,600 $11,920 400 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using UFO Complete this nuestion by enterinn your answers in the tabs below. Required information Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Purchase Date Activity # of units Cost Per Unit Cost of Goods Sold # of units Cost Per Unit Ending Inventory COGS sold Ending Inventory Units Cost Per Unit Ending Inventory-Cost January 11 Beginning inventory 230 $15.50 January 20 Purchase 190 $14.50 January 30 Purchase 400 $14.00 0 820 0 Weighted Average > Determine the cost assigned to ending inventory and to cost or goods sold using weighted average. (Kound cost per unit to 2 decimal places.) Weighted Average Perpetual: Cost of Goods Sold January 11 January 10 Goods Purchased Inventory Balance. Date #ot units Cost per # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 230 at 15.50 $ 3,565.00 January 20 Average cost January 20 January 25 January 30 Totals < Specific Id FIFO > Date January 1 Goods Purchased # of units Cost per unit # of units sold. January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units unit Cost per Inventory Balance 230 at $15.50= $ 3,565.00 Date January 1 Goods Purchased # of units Cost per unit # of units sold January 10 January 201 Total January 20 January 25 Total January 25 January 30 Totals Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Inventory Balance Cost per # of units unit Inventory Balance 230 at $15.50= $ 3,565.00

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