Question: 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

 1. Complete the table to determine the cost assigned to ending
inventory and cost of goods sold using specific identification 2. Determine the

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. Answer is not complete. Complete this question by entering your answers in the tabs below. Specific id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pl Weighted Average. Perpetual Goods Purchased Cost Date Il of par unit January 1 Cost of Goods Sold Cost of units Cost of Goods per sold unit Sold of units Inventory Balance Cost per Inventory Balance unt S 6.00 840.00 140 January 10 100e $ 0.00 $ 600.00 40 S600 5 240.00 Uanuary 20 80 55.00 40 $ 5.00 $ 240.00 00 100 90 5.5.00 5513 300.00 5 540.00 Average cost January 25 January 30 80 120 30 5 5.00 $ 60000 180 $ 4,50 120 55.00 3 000 00 le 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 periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are from beginning inventory Date Activities Units Acquired at cost Units sold at Retail Jan. 1 Beginning inventory 148 units @ $6.00 = $ 848 Jan. 18 Sales 100 units $15 Jan. 20 Purchase 68 units @ $5.ee 380 Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units @ $4.58 = 818 Totals 380 units $1,950 180 units

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!