Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan.

image text in transcribed

Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 28 Purchase Jan. 25 Sales Jan. 3e Purchase 180 units @ $10.50 $1,898 118 units 9.51,845 260 units 9.2,348 Units sold at Retail 148 units$19.5e 138 units$19.5e Totals 558 units $5, 275 278 units The Company uses a perpetual Inventory system. For specific Identification, ending Inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory Exercise 6-3 Perpetual: Inventory costing methods LO P1 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 questions by entering your answers in the below tabs Required 1Required 2Required 3 Required4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO Inventory Balan #of units Cost per | # of units sold | Cost per Cost of Goods | Cost per Inventory Balance Date # of units Sold 180| @ | $10.50|1.890.00 January1 January 10 January 20 January 25 January 30 Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Keisters Corporation Accounting And Auditing

Authors: David Armel Keister

1st Edition

1019058382, 978-1019058381

More Books

Students also viewed these Accounting questions

Question

Describe six biases affecting perception.

Answered: 1 week ago

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago