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Please help with the JAN 20 FIFO Cost of Goods Sold Section for # of Units Sold and Ending Inventory Section for # of units
Please help with the JAN 20 FIFO Cost of Goods Sold Section for # of Units Sold and Ending Inventory Section for # of units in ending inventory
! Required information Use the following information for the Exercises below. [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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $7.00 = $1,015 Jan. 10 Sales 105 units @ $16.00 Jan. 20 Purchase 70 units @ $6.00 = 420 Jan. 25 Sales 85 units @ $16.00 Jan. 30 Purchase 190 units @ $5.50 = 1,045 Totals 405 units $ 2,480 190 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are 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. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold Ending Inventory # of units Cost in ending Ending Inventory inventory 145 $ 7.00 $ 1,015 unit per unit Beginning inventory 145 7.00 $ 1,015 0 Purchases: Jan. 20 70 6.00 420 Jan. 30 190 5.50 1,045 190 $ 5.50 1,045 0 Total 405 $ 2,480 190 $ 1,045 145 $ 1,015Step by Step Solution
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