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i am trying to find the perpetual LIFO: Im trying to figure out the cost assigned to ending inventory and to cost of goods sold
i am trying to find the perpetual LIFO:
[The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at cost 195 units $12.00 - $2,340 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 155 units @ $21.98 135 units @ $21.00 120 units@ $11.00 = 1,320 290 units@ $10.50 3,045 605 units $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. 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 questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LEO Goods Purchased Not Cost per units unit Cost of Goods Sold W of units Cost per cost of Goods sold unit Sold Date Inventory Balance Cost per of units Inventory unit Balance January 1 1950 $12.00 2,340.00 January 10 1550 S 12.00 40 1.360.00 $12.00 $400.00 January 20 120 0 $ 11.00 40 1200 $12.00 $11.00 $ 480,00 1,320.00 $ 1,800.00 January 25 $ O $12.00 $ 11.00 0.00 0.00 $12.00 $ 11.00 0 January 30 290 $10.50 $12.00 5 11.00 Im trying to figure out the cost assigned to ending inventory and to cost of goods sold using LIFO.
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