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Chegg Expert, please I need help with the following. Thank you in advance for your support and knowledge :) 140 units $6.00 Laker Company reported
Chegg Expert, please I need help with the following. Thank you in advance for your support and knowledge :)
140 units $6.00 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 = $ 840 Jan. 10 Sales 100 units @ $15 Jan.20 Purchase 300 Jan.25 Sales 80 units @ $15 Jan.30 Purchase 180 units 810 $4.50 60 units $5.00 Totals 380 units $1,950 180 units Laker 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) welghted average, (C) FIFO, and (c) LIFO. (Round cost per unit to 3 decimal places.) a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Cost of # of units # of units Cost per Available for unit Sale sold unit Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Beginning Inventory Purchases: Jan. 20 Jan. 30 Total 0 S 0 0 S 0 0 $ 0 b) Average Cost Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Sale Cost of Goods Sold # of units Average Cost of sold Goods Sold Unit Ending Inventory # of units Average Ending in ending Cost inventory per unit Inventory Cost per Beginning Inventory Purchases Jan. 20 Jan. 30 Total 0 S 0 S 0 09 c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods # of units # of units Cost per Cost of Available for unit sold unit Sale Goods Sold S 0.00 Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Beginning Inventory Purchases: Jan. 20 $ 0.00 Jan. 30 $ 0.00 Total S 0 S 0 0 0 d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per # of units # of units Cost per Cost of Available for unit sold Sale unit Goods Sold 0 $ 0.00 Ending Inventory # of units Cost in ending Ending inventory per unit Inventory Beginning Inventory Purchases: Jan. 20 0 $ 0.00 Jan. 30 0 $ 0.00 Total 0 S 0 0 S 0 0 $ 0Step by Step Solution
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