Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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.
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. The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 215 units $ 14.00 $ 3,010 January 10 Sales 165 units $ 23.ee January 20 Purchase 160 units $ 13.00 2,080 January 25 Sales 190 units e $ 23.00 January 30 Purchase 355 units Totals 730 units $ 8,995 355 units $. 11.00 3,905 Panuliradi Complete this question by entering your answers in the tabs below. Speciale LO Complete the table to determine the cast assigned to ending inventory and cost of goods sold using specific identification Specific identification Available for Sale Cost of Goods sold Ending inventory Purchase Date of units Cost Per Ending # of units Unit Cost Per Unit COGS sold Ending Inventory Cost Per Unit Units Inventory. Cost January 1 215S 100 January 20 Purchase 150 S 13.00 January 30 Purchase 355151100 730 0 $ 0 5 0 0 Weighted Average > Determine the cost assigned to ending inventory and to cost of goods sold using weighted average (Round cost per un to 2 decimales Welehted AveraonPerpetual Goods Purchased Cost of Goods Sold # of units Cost per of units Cost per Cost of Goods unit sold unit Sold Date Inventory Balance Cost per unit Inventory Balance of units January 215 14.00 $ 3010.00 January 10 January 20 Average cost January 20 January 25 January 30 Total Determine the cost assigned to ending inventory and to cost of goods soid using IF Date Goods Purchased Cost per of units unit Perpetual EIEO Cost of Goods Sold #of units Cost per Cost of Goods sold unit Sold inventory Balance Cost per # of units unit Inventory Balance 215 at $ 1400 = $3.010.00 January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totais Date Goods Purchased Cost per of units unit Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance unit Inventory Balance # of units Cost per January 1 215 al $ 1400 S 3.010.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started