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Complete this question by entering your answers in the tabs below. Specific Weighted dentification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification urchase Date anuary 1 anuary 20 anuary 30 FIFO LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units 190 110 280 580 Cost Per Unit Cost of Goods Sold Cost Per Unit # of units sold Cost of Goods Sold Ending Inventory- Units Ending Inventory Ending Cost Per Unit Inventory- Cost

Complete this question by entering your answers in the tabs below. Specific Weighted dentification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification urchase Date anuary 1 anuary 20 anuary 30 FIFO LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units 190 110 280 580 Cost Per Unit Cost of Goods Sold Cost Per Unit # of units sold Cost of Goods Sold Ending Inventory- Units Ending Inventory Ending Cost Per Unit Inventory- Cost

FINANCIAL ACCOUNTING
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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123.

Subject :- Accounting 

! Required information Use the following information for the Exercises 3-7 below. (Algo) [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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost $ 7.00 = $ 6.00 = 190 units @ 110 units @ 280 units @ 580 units $ 5.50 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: $ 1,330 660 1,540 $ 3,530 Units sold at Retail @ @ 150 units 130 units 280 units $ 16.00 $ 16.00 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.
Transcribed Image Text:! Required information Use the following information for the Exercises 3-7 below. (Algo) [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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost $ 7.00 = $ 6.00 = 190 units @ 110 units @ 280 units @ 580 units $ 5.50 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: $ 1,330 660 1,540 $ 3,530 Units sold at Retail @ @ 150 units 130 units 280 units $ 16.00 $ 16.00 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 Weighted Identification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Purchase Date January 1 January 20 January 30 FIFO LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units 190 110 280 580 Cost Per Unit Cost of Goods Sold # of units Cost Per Unit sold < Specific Identification Cost of Goods Sold Ending Inventory- Units Ending Inventory Cost Per Unit Weighted Average > Ending Inventory- Cost
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Specific Weighted Identification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Purchase Date January 1 January 20 January 30 FIFO LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units 190 110 280 580 Cost Per Unit Cost of Goods Sold # of units Cost Per Unit sold < Specific Identification Cost of Goods Sold Ending Inventory- Units Ending Inventory Cost Per Unit Weighted Average > Ending Inventory- Cost
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