Laker Company reported the following January purchases and sales data for its only product. For specific...
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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 Sales Purchase January 25 January 30 Sales Purchase Totals Activities Beginning inventory Units Acquired at Cost Units sold at Retail 240 units @ $ 16.50 = $ 3,960 190 units $ 25.50 170 units @ $ 15.50 = 2,635 190 units. $ 25.50 380 units 790 units $ 15.00 = 5,700 $ 12,295 380 units Assume the perpetual inventory system is used. 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. ← Help Save & Exit Submit Lu Dashboard M Question 2-HX Inventory Costing M Sign In | Connect What Is LIFO (The Homework Help Homework Help Last_In_First Out_Mel + → C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fr Homework: Inventories and Cost of Sales Exercises... i Saved 2 Required information 2 points Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased eBook Date # of units Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance Hint January 1 240 at $16.50 = $ 3,960.00 Print References January 10 190 at $ 16.50 $3,135.00 50 at $16.50 = $ 825.00 170 at $ 15.50 January 20 50 at 170 at $16.50 = $ $15.50 = 825.00 2,635.00 Total January 20 $ 3,460.00 85°F Mc Graw Hill Mostly cloudy January 25 Total January 25 Search 170 at $ 15.50 = $ 2,635.00 at $16.50 = 20 at $ 16.50 = 330.00 at $15.50 = $2,965.00 < Prev 2 of 5 Next > ค I Check my work ດ 0 7:31 PM 9/10/2023 Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 Sales Purchase January 25 January 30 Sales Purchase Totals Activities Beginning inventory Units Acquired at Cost Units sold at Retail 240 units @ $ 16.50 = $ 3,960 190 units $ 25.50 170 units @ $ 15.50 = 2,635 190 units. $ 25.50 380 units 790 units $ 15.00 = 5,700 $ 12,295 380 units Assume the perpetual inventory system is used. 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. ← Help Save & Exit Submit Lu Dashboard M Question 2-HX Inventory Costing M Sign In | Connect What Is LIFO (The Homework Help Homework Help Last_In_First Out_Mel + → C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fr Homework: Inventories and Cost of Sales Exercises... i Saved 2 Required information 2 points Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased eBook Date # of units Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance Hint January 1 240 at $16.50 = $ 3,960.00 Print References January 10 190 at $ 16.50 $3,135.00 50 at $16.50 = $ 825.00 170 at $ 15.50 January 20 50 at 170 at $16.50 = $ $15.50 = 825.00 2,635.00 Total January 20 $ 3,460.00 85°F Mc Graw Hill Mostly cloudy January 25 Total January 25 Search 170 at $ 15.50 = $ 2,635.00 at $16.50 = 20 at $ 16.50 = 330.00 at $15.50 = $2,965.00 < Prev 2 of 5 Next > ค I Check my work ດ 0 7:31 PM 9/10/2023
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Detailed Explanation Explanation for part a Answer 1 To determine the cost assigned to ending inventory and the cost of goods sold COGS use the given information The ending inventory consists of 380 u... View the full answer
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