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Need help finishing this problem. Please explain how you got the numbers. Im a little confused! thank you! ! Required information [The following information applies
Need help finishing this problem. Please explain how you got the numbers. Im a little confused! thank you!
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 230 units@ $15.50 $ 3,565 180 units @ $24.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 190 units@ $14.50 = 2,755 220 units @ $24.50 360 units@ $14.00 = 780 units 5,040 $11,360 Totals 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 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. Acquii cu i Acqui cu 2 Ncqui cu u Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal plac Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 230 @ $ 15.50 = $ 3,565.00 January 10 180 $ 15.50 = $ 2,790.00 50 @ $ 15.50 = $ 775.00 January 20 190 @ $ 14.50 50 @ $ 15.50 $ 775.00 190 a $ 14.50 = 2,755.00 $ 3,530.00 January 25 $ 15.50 = $ 0.00 a $ 15.50 $ 14.50 II 0.00 a $ 14.50 II January 30 Totals un LU unui piure Vun HC Luusulyucu o numy mrucui y unu cu cuvi yuuuu uuiu unny liivi unu poi Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance Date January 1 230 @ $ 15.50 $ 3,565.00 January 10 January 20 January 25 January 30 Totals Required 3 Required 4Step by Step Solution
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