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This is one question using the data in the first photo. Please use the information to fill out each of the charts. Thank you. Required
This is one question using the data in the first photo. Please use the information to fill out each of the charts. Thank you.
Required information Use the following information for the Exercises 3-7 below. (Algo) [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 periodic inventory system. For specific identification, ending inventory consists of 220 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. Units sold at Retail Units Acquired at Cost 150 units @ $6.00 = $ 900 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 90 units @ $15.00 70 units @ $5.00 = 350 90 units @ $15.00 810 180 units @ $4.50 = 400 units Totals $2,060 180 units Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 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. mplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. ecific Identification Available for Sale Cost of Goods Sold chase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Ending Inventory- Ending Cost Per Unit Units Inventory- Cost 35 $ 6.00 $ 210 Beginning inventory 150 $ 6.00 1. 20 Purchase 70 $ 5.00 5.00 450 5 $ 5.00 25 7. 30 Purchase 180 $ 4.50 0 180 9 4.50 810 400 90 $ 450 220 $ 1,045 ETICE Weighted Average > Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 150 @ $ 6.00 = $ 900.00 January 10 January 20 Average cost January 25 January 30 Totals Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per unit Inventory Balance Date # of units January 1 150 @ $ 6.00 = $ 900.00 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Inventory Balance Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per # of units unit Inventory Balance January 1 150 @ $ 6.00 = $ 900.00 January 10 January 20 January 25 January 30 TotalsStep by Step Solution
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