Answered step by step
Verified Expert Solution
Question
1 Approved Answer
weighted average, FIFO and LIFO please include all the rows including the January 10th and 25th rows 0 1 Required information [The following information applies
weighted average, FIFO and LIFO please include all the rows including the January 10th and 25th rows
0 1 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 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date Units sold at Retail Units Acquired at Cost $ 9.50 = 170 units Activities Beginning inventory Sales Purchase Sales January 1 January 10 January 20 January 25 January 30 $ 1,615 1,020 $ 18.50 120 units @ $8.50 = 130 units 130 units 260 units $ 18.50 Purchase $ 8.00 - 260 units 550 units Totals $ 4,715 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. Date January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Goods Purchased # of units 260 at Cost per unit $ 8.50 $ 8.00 Perpetual FIFO: Cost of Goods Sold Cost per unit $ 18.50 $ 9.50 $ 8.50 # of units sold 130 at at Cost of Goods Sold I II || $ 2,405.00 0.00 0.00 Inventory Balance Cost per $ 9.50 $9.50 $ 9.50 $8.50 at $ 9.50 $ 8.50 at $ 9.50 at $ 8.50 $ 8.00 # of units 170 at 120 at 260 M Inventory Balance $ 1,615.00 1,020.00 1,020.00 2,080.00 II Amm Il ammat T ME
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