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i started answering it but im real confused on parts 2,3, and 4 Help Seve & Exit Sul Check my we Required information [The following
i started answering it but im real confused on parts 2,3, and 4 Help Seve & Exit Sul Check my we Required information [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 165 units@ $9.00 - $1,485 125 units @ $18.00 Date - Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.89 - 880 125 units @ $18.00 $7.50 - 239 units @ 505 units 1.725 $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units. where 230 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. Perpetual LIFO: Co Cost of Goods Sold o l units Cost per Cost of Goods sold unit Sold January 1 165 @ s 9.00 - $ 1,485.00 January 10 January 20 January 25 January 30 Totals Perpetual FIFO: O Cost of Goods sold of units Cost per Cost of Goods Sold January 1 165 @ S 9.00 - $ 1,485.00 5900 - 125 @ S 9.00 - $ 1.125 00 January 10 January 20 110 @ 5 800 @ $ 9.00 $ 8.00 January 25 January 30 230@ 5 7.50 $ 7.50 Totals (Required 2 Required Required information Weighted Average - Perpetual: Cost per Cost of Goods unit Sold January 1 January 10 January 20 125 @ $ 9.00 - $ 1,125.00 110 @ $ 8.00 165 e 9.00 = 105 @ 5 8.00 = 105 @ $ 8.00 = 110 @ $ 8.00 = 215 @ 58.24 T S 824 - 1,485.00 5 840.00 $ 840.00 880.00 5 1,720.00 Average cost January 25 125 @ S 18.00 = 5 2,250,00 January 30 230 e 230 Totals $ 3.375.00 2300 Required 1 Required 3 >
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