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help please Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below) Laker Company
help please
Required information Use the following information for the Exercises 3-7 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date Activities Units Acquired at cost Units sold at Retail January 1 Beginning inventory 175 units @ $ 10.00 $1,750 January 10 Sales 135 units $19.00 January 20 Purchase 130 units @ $9.00 January 25 Sales 140 units $ 19.00 January 30 Purchase 275 units $7.00 3.925 Totals Sie units $14,845 275 units 1,170 Exercise 5-3 (Algo) 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 UFO. Specific la Weighted Average FIRO UFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Available for Sale Specific Identification Cost of Goods Sold Ending Inventory Purchase Date Activity of units Cost Per Unit of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory. Cost January 1 January 20 January 30 Beginning inventory Purchase Purchase 175 130 275 580 Specific id Weighted Average FIFO 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.) Inventory Balance Weighted Average - Perpetual Goods Purchased Cost of Goods Sold of units Cost per # of units Cost per Cost of Goods unit sold unit Sold # of units Cost per unit Inventory Balance 175 at $ 10.00 - 1,750.00 January 1 January 10 January 20 Average cost January 20 January 25 January 30 Tot PATEIFO Cost of Goods Sold of units Cost por Cost of Goods Sold Inventory Balance Cost per Invontory Balance unit Costpol of units of units sold unit 175 at $ 10.00 = $ 1,750.00 January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Total Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. GOODS Purchased of 2 PonpotoFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost por Inventory Balance Cost per unit Inventory Balance of units unit w of units January 1 175 at $ 10.00 $ $ 1,750.00 Book January 10 Print Broncos January 20 Total January 20 January 25 Total January 25 January 30 Totals Step by Step Solution
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