Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places:

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places: Required Information Use the following information for the Exercises 37 below. (Algo) [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. For specific identification. ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Exercise 5-6A (Algo) Periodic: Inventory costing LO P3 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (d) specific identification, (b) weighted overage, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using LiFO. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 290 January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. d) Perlodse LIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{3}{*}{ Eeginning inventory } & \multicolumn{3}{|c|}{ Cont of Goods Avallable for 5 ale } & \multicolumn{3}{|c|}{ Cost of Goods sold } & \multicolumn{3}{|c|}{ Ending liviantacy } \\ \hline & of units & Costperunit & CostofCoodsAvallableforSale & sofunitssoid & Costperunit & CostofGoodsSold & ofunitsinendinginventory & Costperunit & Endinginventory \\ \hline & 105 & 12.00 & 2,340 & & & & & & \\ \hline \multicolumn{10}{|l|}{ Purcheses: } \\ \hline Lanusry 20 & 100 & 11.00 & 1,760 & & & & & & \\ \hline Jaruary 30 & 290 & 1050 & 3,045 & & & & & & \\ \hline Total & 645 & & 7,145 & 0 & & 0 & 0 & & 5 \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using Fifo

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Strategic Market Management

Authors: David A. Aaker

4th Edition

0471309567, 9780471309567

More Books

Students also viewed these Accounting questions

Question

What was the Dissents point?

Answered: 1 week ago