Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

C 4 2 po Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) Laker Company

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
C 4 2 po Required information 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 Units sold at Activities this seguido Jan. I beginning inventory 140 units 36.00 - $ 840 Jan. 10 Bales 100 unitat 15 Jan. 20 Pure units. 55.00 Jan. 25 Sales Jan. 30 Purchase 100 unit. $4.50 Totale 380 units $1,950 180 units . Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, (b) weighted average. (FIFO, and (c) LIFO. Complete this questions by entering your answers in the below tabs. Specific to Weighed FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 unts, where 180 ore from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory + Exercise 5-SA Periodic Inventory costing LO P3 Required The Company uses a periodic 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 Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification (6) weighted average, () FIFO, and (c) LIFO. 2 ponts Complete this questions by entering your answers in the below tabs. ! ! Specified Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific enfication. For specific identification, ending inventory consists of 200 units, where 180 are from the lanuary 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost pe Available for of units Cost per Cost of of units Cost unit Ending in ending Sale sold Goods Sold Inventary per unit Inventory Deginning invertory Purchases Jan 20 Jan 30 Total 0 $ 0 0 $ O Sipated Weighted Average > Exercise 5-5A Periodic: Inventory costing LO P3 2 pois Required: The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (4) specific identification, (b) weighted average. (d) FIFO, and () LIFO. tock Complete this questions by entering your answers in the below tabs. References Specific la Weighted Average Faro LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of Goods Average of units of units Cost per Available for # of units Average Cost of Cost per sold Ending in ending Cost Sale Goods Sold Unit Inventory per unit Inventory Beginning inventory Purchases: Jan 20 Jan 30 Total $ 0 $ 0 unit Exercise 5-5A Periodic: Inventory costing LO P3 2 Required The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, weighted average. (FIFO, and (LIFO. Complete this questions by entering your answers in the below tabs. LIPO Specific to Weighted Average Pro Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Coat of Goods Available for Sale Cost of Goods Bold Cost of Goods of units Cost per Cost of of units Cost per Available for unit sold Goods Sold Sale Beginning inventory Purchases Jan 20 Jan 30 Tota 0 $ 0 $ Ending Inventory of units In ending Cost Ending Inventory per unit Inventory $ 0 Exercise 5.5A Periodic: Inventory costing LO P3 2 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 e from the January 3o purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, (weighted average (FFO, and (LIFO. Complete this questions by entering your answers in the below tabs. 00 Specinie 10 Weighted FIFO Average UFO Determine the cost assigned to ending inventory and to cost of goods sold using UFO LIFO Cost of Goods Available for sale Cost of Goods Sold Cost of Goods of units Cost per Costed sold unt Cost A Ending Inventory Cost Ending per un Inventory Inventory Good Inning Beginning voor Purchas Jan 20 Jan 30 0 $ $ 5 0 { FIFO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions