Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. A ezto.mheducation.comnework iSavedHelpSave & ExitSubvaLeCheck my workJanuary 1January 10January 20January 25January 30Beginning inventorySales190 units @$ 7.00 =$ 1,330UIIALD 3ULU aL nCLOIL150 unitsPurchaseSalesPurchase110 units @$ 6.00 =$ 16.00660280 units e130 units@$ 16.00$ 5.50 =1,540$ 3,530Totals580 units280 unitsThe Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to endinginventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (d) LIFO.Complete this question by entering your answers in the tabs below.WeightedAverageSpecific IdFIFOLIFODetermine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)b) Weighted average - PeriodicCost of Goods Available for SaleCost of Goods SoldEnding InventoryAverage Cost:per unitCost of GoodsAvailable forSaleAverageCost perUnit# of units inendinginventory# of units# of unitsCost of GoodsSoldAverage Costper unitEndingInventorysoldBeginning inventoryPurchases:1901,330January 20110660January 302801,540Total5802$3,530242$< Specific IdFIFO >< Prev4of 8Next >...MacBook Air80DIF2F3F4F7F8F9F10F11F5F6#3*2$346.78{WERYFGHJKくCVレ.. .-このコ A ezto.mheducation.comomework iSavedHelpRequired information[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, ending inventory consists of 280 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.Units sold at RetailDateJanuary 1January 10January 20January 25January 30ActivitiesUnits Acquired at Cost190 units @$ 1,330Beginning inventorySalesPurchaseSaleşPurchase$ 7.00 =150 units$ 16.00110 units @$ 6.00 =660130 units$ 16.001,540$ 3,530280 units @$ 5.50 =Totals580 units280 unitsThe Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to endinginventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.Complete this question by entering your answers in the tabs below.WeightedAverageSpecific IdFIFOLIFODetermine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)b) Weighted average - PeriodicCost of Goods Available for SaleCost of Goods SoldEnding Inventc# of units inCost of GoodsAvailable forAverageCost perUnitAverage Costper unitCost of GoodsAverage Costper unit# of unitssoldendinginventory# of unitsSoldSale. ..< Prev4of 8Next >MacBook AirDD80F7FBF9F10F5F6F2F3F4%24&246781#3

Solution: Under Weighted Average periodic inventory method, Computation of ending inventory and cost…

carITAT January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 190 units e $ 7.00 = $ 1,330 150 units $ 16.00 110 units e $ 6.00 = 660 130 units $ 16.00 280 units e $ 5.50 = 1,540 $ 3,530 Totals 580 units 280 units ampany uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from tho Janu DO Fo E unite fu

carITAT January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 190 units e $ 7.00 = $ 1,330 150 units $ 16.00 110 units e $ 6.00 = 660 130 units $ 16.00 280 units e $ 5.50 = 1,540 $ 3,530 Totals 580 units 280 units ampany uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from tho Janu DO Fo E unite fu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

CAN SOMEONE SHOW ME HOW TO COMPLETE THIS CHART?
Explain the inventory cost flow assumption: FIFO, LIFO, weighted average. Provide examples.
Define days' sales in inventory (what do the results mean). Provide an example.
When inventory items are highly specialized, the best inventory costing method is ________.A. specific identificationB. first-in, first-outC. last-in, first-outD. weighted average
Johnson would like to know the inventory turnover ratio. You may tell Johnson to a. Divide cost of goods sold by the inventory b. Divide inventory by the cost of goods sold c. Divide inventory by the number of days d. Divide cost of goods sold by sales
Explain an example how to calculate inventory turnover ratio.
How do you use FIFO and LIFO to calculate the cost of inventory?
Explain an example how to calculate net cost of inventory.
Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Date June (a) 6 10 14 16 26 Purchases Units Unit cost 1,160 $134 1,780 970 135 136 Sales Units Unit price 950 1,660 $201 206
One must consider the percentage completion of the units in beginning inventory under the weighted-average method when computing the cost per equivalent unit. True or False True False
To determine the cost of ending inventory using the LIFO method: A. the average cost of the inventory is used. B. the beginning inventory and earliest purchase costs are used. C. the specific unit cost of the inventory is used. D. the latest purchase costs are used. thanks
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing—FIFO, LIFO, or weightedaverage cost—will yield (a) the highest inventory cost, (b) the lowest inventory cost, (c) the highest gross profit, and (d) the lowest gross profit?