Question
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 218 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 33 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 149 units $6.00-$894 91 unite $15.00 69 units @ $5.00- 345 89 units @ $15.00 180 units @ $4.50- 398 units 810 $2,049 180 units Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. . Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. . Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. . Determine the cost assigned to ending inventory and to cost of goods sold using LIFO
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