Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Save Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 205 units @ $13.00 - $2,665
Save Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 205 units @ $13.00 - $2,665 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units @ $12.00 - 165 units @ $22.00 1,680 145 units @ $22.00 310 units @ $11.50 = 655 units 3,565 $7,919 319 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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 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.) Specific Identification Available for Sale Cost of Goods Sold Units Ending Purchase Date Activity Units Unit Cost Unit Cost Ending Inventory Cost Per Ending Inventory Unit Inventory Units Cost COGS Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 205 140 310 655 Required 2 >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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