Question
I need some help with my accounting homework this something I haven't done before Question 35 [The following information applies to the questions displayed below.]
I need some help with my accounting homework this something I haven't done before
Question 35
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 180 units @ $ 10.50 = $ 1,890
Jan. 10 Sales 140 units @ $ 19.50
Jan. 20 Purchase 110 units @ $ 9.50 = 1,045
Jan. 25 Sales 130 units @ $ 19.50
Jan. 30 Purchase 260 units @ $ 9.00 = 2,340
Totals 550 units $ 5,275 270 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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.
( I need to complete 4 Journal Entry Worksheets and the cost per unit has to be rounded up to 2 decimal places)
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