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

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