Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic Inventory system. For specific Identification,
Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic Inventory system. For specific Identification, ending Inventory consists of 206 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 21 are from beginning Inventory. Date January 1 January 10 January 20 Activities Beginning inventory Sales January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost Units sold at Retail 143 units @ $ 6.00 = $ 858 97 units @ $ 15.00 63 units @ $ 5.00 = 315 83 units $ 15.00 180 units @ $ 4.50 = 810 386 units $1,983 180 units 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 question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 6.00- S 858.00 January 1 143 @ $ January 10 97 @ $ 15.00 => $ 1.455.00 63 @ $ 5.00 January 20 Average cost 63 @ 63 @ S 5.00- S 315.00 315.00 January 25 83 e S 15.00- $ 1.245.00 180 @ $ 4.50 January 30 Totals $ 2.700.00 180 @ S 180 @ 4.50- 810.00 < Specific Id FIFO >>
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