Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with all four parts of this accounting question for homework thank you ! Required information [The following information applies to the questions displayed

image text in transcribed
please help with all four parts of this accounting question for homework thank you !
image text in transcribed

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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. $ 1,330 $ 3,530 Date Janua ry Janua ry Janua ry Janua ry Janua ry 190 110 280 580 Units units units units units Acquired at Cost Units sold at Retail 1 10 20 25 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 7.00 6.00 5.50 660 1,540 150 130 280 units units units $ 16.00 $ 16.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 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 (a) LIFO. Complete this question by entering your answers in the tabs below. Weighted Specific ld Average FIFO LIFO 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. ) Weighted average - Periodic Beginning inventory Purchases: January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Average Cost Cost of Goods Sold # of units sold Specific ld Average Cost of Goods # of units per unit Available for Sale Cost per Unit # of units in ending inventory Ending Inventory Average Cost per unit Sold FIFO Ending Inventory

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

IFRS edition volume 2

978-0470613474, 470613475, 978-0470616314

Students also viewed these Accounting questions