Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do it from the scratch as other answers were not helpful for me to understand it- thanks Required information [The following information applies to

image text in transcribed

please do it from the scratch as other answers were not helpful for me to understand it- thanks

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. Date Activities Beginning Jan. 1 inventory Jan.10 Sales Jan.20 Purchase Jan.25 Sales Jan. 30 Purchase Units sold at Units Acquired at Cost Retail 140 units@ $6.00 = $ 840 100 units@ $15 60 units@ $5.00= 300 80 units@ $15 180 units@ $4.50 = 810 380 units $1,950 180 units Totals Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold usir specific identification, (b) weighted average, (C) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. C) FIFO Cost of Goods Available for Sale Cost of Goods Sold # of units Cost of Goods Cost per # of units Cost per Available for unit Cost of Sale sold unit Goods Sold 140 6.00 S 840 Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases Jan. 20 60 5.00 300 Jan. 30 180 4.50 810 Total 380 S 1,950 0 S 0 0 S 0

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

More Books

Students also viewed these Accounting questions