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Please help me with the specific identification, weighted average, FIFO, and LIFO Laker Company reported the following January purchases and sales data for its only
Please help me with the specific identification, 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 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 Complete this question by entering your answers in the tabs below. FIFO Available for Sale # of units Activity 140 units Beginning inventory Purchase Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = 60 units LIFO 180 units 380 units 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. Weighted Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Cost Per Unit 140 $ 6.00 60 s 5.00 Cost of Goods Sold # of units sold $ 840 Cost Per Unit 300 Cost of Goods Sold Units sold at Retail 100 units 80 units 810 $ 1,950 180 units. @ $15 Ending Inventory- Units @$15 Ending Inventory Cost Per Unit Ending Inventory- Cost
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