Can someone please help? I am confused on what calculations actually go on columns K through N.
A B D E F G H I J M N Laker Company reported the following January purchases and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, FIFO, and (d) LIFO. Enter computed cost of Ending inventory in column L. Enter computed Cost of Goods Sold in column N. For specific identification, ending inventory consists of 200 units: 180 from the Jan. 30 purchase, 5 from the Jan. 20 purchase, and 15 from beginning inventory. Goods purchased at Cost Units sold at Retail Specific identification Cost of Goods Sold Ending Inventory 140 @ $6.00 = $ 840.00 100 @ $15.00 1-Jan Beginning inventory 10-Jan Sale 20-Jan Purchase 25-Jan Sale 30-Jan Purchase 60 @ $5.00 = 300.00 80 @ $15.00 180 @$4.50 810.00 Goods available for sale 380 $ 1,950.00 180 A B DE F G H J K L M N 0 Laker Company reported the following January purchases and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, FIFO, and (d) LIFO. Enter computed cost of Ending inventory in column L. Enter computed Cost of Goods Sold in column N. For specific identification, ending inventory consists of 200 units: 180 from the Jan. 30 purchase, 5 from the Jan. 20 purchase, and 15 from beginning inventory. Goods purchased at Cost Units sold at Retail Weighted average Cost of Goods Sold Ending Inventory 140 @ $6.00 = $ 840.00 100 @ $15.00 1-Jan Beginning inventory 10-Jan Sale 20-Jan Purchase 25-Jan Sale 30-Jan Purchase 60 @ $5.00 = 300.00 80 @ $15.00 180 @ $4.50 810.00 Goods available for sale 380 $ 1,950.00 180 Compute average cost: ] B C DE F G H J L M N 0 Laker Company reported the following January purchases and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, FIFO, and (d) LIFO. Enter computed cost of Ending inventory in column L. Enter computed Cost of Goods Sold in column N. For specific identification, ending inventory consists of 200 units: 180 from the Jan. 30 purchase, 5 from the Jan. 20 purchase, and 15 from beginning inventory. Goods purchased at Cost Units sold at Retail FIFO Cost of Goods Sold Ending Inventory 140 @ $6.00 = $ 840.00 100 @ $15.00 1-Jan Beginning inventory 10-Jan Sale 20-Jan Purchase 25-Jan Sale 30-Jan Purchase 60 @ $5.00 = 300.00 80 @ $15.00 180 @$4.50 810.00 Goods available for sale 380 $ 1,950.00 180 A B C D E F G H T J L M N 0 Laker Company reported the following January purchases and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, FIFO, and (d) LIFO. For convenience, I have made a separate worksheet for each costing method (click on the tabs below) and repeated the purchases and sales data for your convenience. Enter computed cost of Ending inventory in column L. Enter computed Cost of Goods Sold in column N. For specific identification, ending inventory consists of 200 units: 180 from the Jan. 30 purchase, 5 from the Jan. 20 purchase, and 15 from beginning inventory. Goods purchased at Cost Units sold at Retail LIFO Cost of Ending Inventory 140 @$6.00 = $ 840.00 Goods Sold 100 @ $15.00 1-Jan Beginning inventory 10-Jan Sale 20-Jan Purchase 25-Jan Sale 30-Jan Purchase 60 @ $5.00 = 300.00 80 @ $15.00 180 @ $4.50 810.00 Goods available for sale 380 $ 1,950.00 180
