Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information (The following information applies to the questions displayed below) Laker Company reported the clowing January purchases and sales data for its only product.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information (The following information applies to the questions displayed below) Laker Company reported the clowing January purchases and sales data for its only product. Date Activities Units acquired at Cost Unita mold at Retail Jan. 1 Beginning inventory 190 units $7.00 - $1,330 Jan. 10 sales 150 units $16.00 Jan. 20 Purchase 110 units $6.00 - 660 Jan. 25 Sales 130 units $16.00 Jan. 30 Purchase 280 units $5.50 1,540 Totals 580 units $3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Required: 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Required: 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. 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 cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Seesidentification Available for Sale Cost of Goods Sold Ending Inventory Purchase Unit Ending Activity Ending Units Cost Unit Cost COGS Coat Per Inventory Sold Units Unit Inventory Cost Beginning inventory 190 Jan. 20 Purchase 110 Jan 30 Purchase 280 580 Required 2 > Required: 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost Issigned 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 Cost of Goods Sold Inventory Balance #of # of Cost per Cost per Cost of Goods units unit units sold Inventory unit # of units Sold unit Balance January 1 1901 $ 700 - $ 1,330.00 January 10 January 20 Cost per Average cost January 25 January 30 Total Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased + Cost of Goods Sold Inyaintery Balance at Date of units Cost per Cost of Goods Cost per Inventory Balance January 1 190 $ 7.00 $ 1.330.00 January 10 January 20 Cost per un sola unik Sald of units unit January 25 January 10 Total Required 2 Required 4 > Complete this question by entering your answers in the tabs below. Required Required 2 Required equired Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places) Perpetual LIED Goods Purchased Cost of Goods Sold Inventory Balance Con per of units Cost per cost of Goods Cost per unite un sold Inventory of units Sold Balance January 190 $ 7.00 - $ 1,330.00 January 10 January 20 January 25 Mary 20

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

Auditing and Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

6th edition

978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343

More Books

Students also viewed these Accounting questions