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. For specific Identification, ending Inventory consists of 385 units from the
Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending Inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 225 units $ 15.60 = $ 3,375 January 10 Sales 175 units $ 24.60 January 20 Purchase 180 units $ 14.60 = 2,520 January 25 Sales 210 units $ 24.80 January 30 Purchase 385 units $ 12. 60 = 4, 620 Totals 790 units $ 10,515 385 units Assume the perpetual Inventory system is used. 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 question by entering your answers in the tabs below. Specific Weighted FIFO LIFO Identification Average 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 # of units Cost per Cost of Goods # of units Cost per unit Inventory Balance unit sold unit Sold January 1 225 at $ 15.00 = 5 3,375.00
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