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. 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 Identification Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 January 20 Beginning inventory Purchase 225 180 January 30 Purchase 385 790 0 $ 0 0 0 ation Weighted Average > [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 Beginning inventory Sales Purchase Units Acquired at Cost 225 units @ $ 15.00- Units sold at Retail $ 3,375 175 units @ $ 24.00 180 units @ $ 14.00- January 25 Sales January 30 Purchase Totals 385 units e 790 units $ 12.00= 2,520 4,620 $ 10,515 210 units @ $ 24.00 385 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. 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 Identification Weighted Average FIFO LIFO

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...
icon
Related questions
Question
Can you answer in graph form as in image
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.
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
Identification
Weighted
Average
FIFO
LIFO
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Specific Identification
Available for Sale
Cost of Goods Sold
Ending Inventory
Purchase Date
Activity
# of units
Cost Per
Unit
# of units
sold
Cost Per Unit
Cost of
Goods
Sold
Ending
Inventory-
Units
Cost Per Unit
Ending
Inventory-Cost
January 1
January 20
Beginning inventory
Purchase
225
180
January 30
Purchase
385
790
0
$
0
0
0
ation
Weighted Average >
Transcribed Image Text: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. 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 Identification Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 January 20 Beginning inventory Purchase 225 180 January 30 Purchase 385 790 0 $ 0 0 0 ation Weighted Average >
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. For specific Identification,
ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units
from beginning inventory.
Date
January 1
Activities
January 10
January 20
Beginning inventory
Sales
Purchase
Units Acquired at Cost
225 units @ $ 15.00-
Units sold at Retail
$ 3,375
175 units @
$ 24.00
180 units @
$ 14.00-
January 25
Sales
January 30
Purchase
Totals
385 units e
790 units
$ 12.00=
2,520
4,620
$ 10,515
210 units @
$ 24.00
385 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.
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
Identification
Weighted
Average
FIFO
LIFO
Transcribed Image Text:[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 Beginning inventory Sales Purchase Units Acquired at Cost 225 units @ $ 15.00- Units sold at Retail $ 3,375 175 units @ $ 24.00 180 units @ $ 14.00- January 25 Sales January 30 Purchase Totals 385 units e 790 units $ 12.00= 2,520 4,620 $ 10,515 210 units @ $ 24.00 385 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. 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 Identification Weighted Average FIFO LIFO
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning