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Posted on Oct 01, 2024

Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the

Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 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. Units sold at Retail Units Acquired at Cost 175 units@ $10.00 = $1,750 135 units @ $19.99 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan, 2e Purchase Jan. 25 Sales Jan. 3e Purchase Totals 130 units@ $ 9.80 = 1,170 140 units @ $19.00 $ 8.50 = 250 units@ 555 units 2,125 $5.845 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory. Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 175 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase SO Required 1 Required 2 > 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. Units sold at Retail Units Acquired at Cost 175 units@ $10.ee = $1,750 135 units @ $19.80 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 2e Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $ 9.00 = 1,170 140 units @ $19.00 $ 8.50 = 250 units@ 555 units 2,125 $5.845 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Inventory Balance # of units Date Cost per unit Cost of Goods Sold # of Cost per Cost of units unit Goods Sold #of units Balance Cost per Inventory unit 10.00 - $1,750.00 January 1 175 @ January 10 January 20 Average cost January 25 January 30 Totals 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. Units sold at Retail Units Acquired at Cost 175 units@ $18.80 = $1,750 135 units @ $19.00 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase Totals 130 units@ $ 9.80 = 1,170 140 units @ $19.00 $ 8.50 = 250 units @ 555 units 2,125 $5.845 275 units The Company uses a perpetual inventory system. For specific identification. ending inventory consists of 280 units, where 250 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold a lt # of units Cost per unit Inventory Balance January 1 175 @ $10.00 - 1.750.00 January 10 January 20 January 25 January 30 Totals 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. Units sold at Retail Units Acquired at Cost 175 units@ $10.80 = $1,750 135 units @ $19.00 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $ 9.00 = 1,170 140 units @ $19.00 250 units@ $ 8.50 = 555 units 2,125 $5,845 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance #of unite # of units Cost per Inventory unit Balance Date unit January 1 175 @ $10.00 - 1,750.00 January 10 January 20 January 25 January 30 Totals Required 3 Required 4 >