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Please complete Specific ID, Weighted Average, FIFO, and LIFO thanks [The following information applies to the questions displayed below.] Laker Company reported the following January
Please complete Specific ID, Weighted Average, FIFO, and LIFO
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[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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Beginning inventory January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Complete this question by entering your answers in the tabs below. Specific Id Purchase Date January 1 January 20 January 30 FIFO Activity 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. Units Acquired at Cost 210 units @ $ 13.50 = $ 2,835 150 units $ 12.50 = $12.00 = 340 units 700 units LIFO Available for Sale Beginning inventory Purchase Purchase Weighted Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification # of units 210 150 340 700 1,875 4,080 $ 8,790 Cost of Goods Sold Cost Per # of units Unit sold 0 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ 0Step by Step Solution
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