Question
please explain how to do specific ID, weighted average, FIFO, and LIFO. Laker Company reported the following January purchases and sales data for its only
please explain how to do specific ID, weighted average, FIFO, and LIFO. Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
140 units
Units Acquired at Cost
@ $ 6.00 =
Units sold at Retail
$ 840
100 units
@ $ 15
60 units
@ $ 5.00 =
300
80 units
@ $ 15
180 units
380 units
@
$ 4.50 =
810
$ 1,950
180 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
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. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 irchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending ventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchate, and 15 units from beginning inventory. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Determine the cost assigned to ending inventory and to cost of goods sold using LFO
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
140 units
Units Acquired at Cost
@ $ 6.00 =
Units sold at Retail
$ 840
100 units
@ $ 15
60 units
@ $ 5.00 =
300
80 units
@ $ 15
180 units
380 units
@
$ 4.50 =
810
$ 1,950
180 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
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