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Any help at all would be greatly appreciated!! IThe following Information applies to the questions displayed below Laker Company reported the following January purchases and
Any help at all would be greatly appreciated!!
IThe following Information applies to the questions displayed below Laker Company reported the following January purchases and sales dote for its only product DateActivitles Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost 180 units @S 760 = S 1.368 250 units @S 6.60= 120 units @ $5.60 = 550 units Units sold at Retail 105 units $15.60 175 units $15.60 1.650 672 Totals $3,690 280 units Required The company uses a perpetual inventory system. For specific Identification, ending inventory consists of 270 units, where 120 are from the January 30 purchase, 80 are from the January 20 purchase, and 70 are from beginning inventory volue 10.00 points 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Ending Inventory Ending Cost Per Inventory Available for Sale Cost of Goods Sold Ending Unit Units Unit Cost Cost Sold Purchase Date Jan. 1 Beginning inventory Jan. 20 Purchase Jan. 30Purchase Activity Units COGS Inventory u 180 250 120 550Step by Step Solution
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