Question: the red Xs mean that the answer is wrong and I dont understand why I am getting those answers wrong. Please help. Required informetion The
Required informetion The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product DateActivities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 180 units@ $10.50 -$1,890 110 units@$ 9.50 1,045 260 unitse$ 9.00-2,340 140 units@$19.50 130 units $19.50 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchose, ond 15 are from beginning inventory 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 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Cost of Goods Sold Inventory Balance Goods Purchased Cost Cost Cost |per |#of units sold |per |Cost of Goods Sold | #Of units Date perInventory Balance units 180 e 10.s0 1,890.00 January 1 January 10 January 20 420.00 420.00 1,045.00 S 1,465.00 1,155.00 190.00 1,345.00 5 210 00 2,470.00 2,520.00 $ 5.200.00 140 ,1@ 110 |- |$ 1.470.00 | 40 @ |s50 I- IS 10.50 40 e 10.50 1 $9.50 10.50 11059.50 420.00 110 855.00 2 $9.50 4010 50 110 January 25 10.50 200-s950- S 1,275.00 January 30 10.50 60 9.50 280 $9.00 Totals S 2,745.00
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