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, ending
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 222 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 37 are from beginning inventory. Date Activities Units Acquired at cost Units sold at Retail Tan. 1 Beginning inventory 151 units $6.00 -5906 Jan. 10 Sales 89 units $15.00 Jan. 20 Purchase 71 units 55.00 Jan. 25 Sales 91 units@ $15.00 Jan. 30 Purchase 180 units $4.50 Totals 402 units $2,071 100 units 355 310 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 FFO 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 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific Identification, Cost of Goods Sold Ending Inventory Specific Identification Available for Sale Cost Per Purchase Date Activity # of units Unit Jan 1 Beginning inventory 151 s 6.00 Jan 20 Purchase 7175 500 Jan 30 Purchase 1805 450 402 Ending Inventory Units Cost Per Unit Ending Inventory. Cost of units sold Cost Per Unit COGS 906 $ 6.00 $ 5436 3555 500 1.775 8105 4.50 3.645 2.071 5 10.856 $ 0 Weighted Average >
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