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PLEASE COMPLETE ALL PARTS and for the weighted average please (Round cost per unit to 2 decimal places.) 1 Part 1 of 2 - U
PLEASE COMPLETE ALL PARTS and for the weighted average please (Round cost per unit to 2 decimal places.)
1 Part 1 of 2 - U eBook 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. The Company uses a perpetual inventory system. 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 January 11 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Complete this question by entering your answers in the tabs below. Weighted Average Units Acquired at Cost 225 units @ $15.00 180 units @ $ 14.00 = $ 12.00 = 385 units @ 790 units FIFO LIFO 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. $ 3,375 2,520 4,620 $ 10,515 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Units sold at Retail 175 units 210 units 385 units $ 24.00 $ 24.00Step by Step Solution
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