Answered step by step
Verified Expert Solution
Question
1 Approved Answer
how do we determine the specific identification i need the calculation process of specific identification? Specific Id Weighted Average FIFO LIFO Complete the table to
how do we determine the specific identification i need the calculation process of specific identification?
Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Purchase Date Activity # of units Cost Per Unit Cost of Goods Sold #of Cost Per units Unit COGS sold 0 Jan 1 Beginning inventory Purchase Purchase Jan 20 Jan 30 Ending Inventory Ending Cost Per Ending Inventory Unit Inventory Units Cost 1401 $ 6.00 $ 840 100 $ 5.00 500 180 $ 4.50 810 420 $ 2.150 140 $ 6.00 60 $ 5.00 180 $ 4.50 380 0 0 Weighted Average ? Laker Company reported the following January purchases and sales data for its only product. The Company periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are fro January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Units sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units@ $15 Jan. 20 Purchase 60 units @ $5.00 = Jan. 25 Sales 80 units@ $15 Jan. 30 Purchase 180 units @ $4.50 = Totals 380 units 300 810 $1,950 180 units . Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identifica 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 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