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need help answering all parts. S ! Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the
need help answering all parts.
S ! Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost 215 units @ $ 14.00 $3,010 Date January 1 January 10 January 201 January 25 January 30 Activities Beginning inventory Sales Purchase Sales 160 units @ $ 13.00 = 2,080 Purchase 355 units @ $11.00 = 730 units 3,905 Totals $ 8,995 Units sold at 165 units. 190 units 355 units " Exercise 5-3 (Algo) 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 question by entering your answers in the tabs below. Weighted. Specific Id Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit January 1 Beginning inventory January 20 Purchase 215 $14.00 160 $ 13.00 355 $11.00 January 30 Purchase 730 # of units 190 $ 165 $ 355 14.00 $ 13.00 2,660 2,145 $ 4,805 Weighted Average > 0 Ending Inventory-Cost $ 0 www Weighted Specific Id FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (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 Cost per unit Inventory Balance January 1 $ 14.00 $ 3,010.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Cost per # of units unit sold Cost of Goods Sold Step by Step Solution
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