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I am confused why my Cost of goods sold for the Weighted Average block and the LIFO block are incorrect. Please help, thanks. Answer is
I am confused why my Cost of goods sold for the Weighted Average block and the LIFO block are incorrect. Please help, thanks.
Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Exercise 5-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? \begin{tabular}{|c|c||c|c} \hline Specific Id & WeightedAverage & FIFO & LIFO \\ \hline \end{tabular} Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Determine the cost assigned to ending inventory and to cost of goods sold using LIFOStep by Step Solution
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