Answered step by step
Verified Expert Solution
Question
1 Approved Answer
complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Laker Company reported the following January
complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Laker Company reported the following January purchases and sales data for its only product. displayed below. Units Acquired at Cost 195 units @ $12.00 = $2,340 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 120 units @ $11.00 = 155 units @ $21.00 1,320 135 units @ $21.00 290 units @ $10.50 = 605 units 3,045 $6,705 290 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 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 LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 food cold using snerific identification (Round cost per un Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Rou places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Units Sold Cost Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Cost Unit Cost COGS Jan. 1 Units Beginning inventory Purchase 195 Jan. 20 120 Jan. 30 Purchase 290 605 0 $ 0 0 $ 0 Required 2 >Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started