Question: Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the
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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units unit Inventory Balance Cost per Inventory Balance January 1 145 at $ 7.00 = $ 1,015.00 January 10 105 at $ 7.00 = $ 735.00 40 at $ 7.00 = $ 280.00 70 at $ 6.00 40 at $ 7.00 = $ 280.00 January 20 70 at $ 6.00 = 420.00 Total January 20 January 25 Total January 25 January 30 $ 700.00 40 at $ 7.00 = $ at $ 6.00 = 280.00 0.00 at $ 7.00 at $ 6.00 = $ 280.00 190 at $ 5.50 190 at at $ 7.00 at $ 6.00 $ 5.50 = 1,045.00 Totals $ 1,015.00 $ 1,045.00
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