Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Brittany Feige CMA O 5x*02/04/2022Warren, Charles B 12:00PELEMEDA ezto.mheducation.com5 Homework 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.DateActivitiesUnits sold at RetailUnits Acquired at Cost190 units@Beginning inventorySalesPurchaseSalesPurchase$ 1,330January 1January 10January 20January 25January 30$ 7.00 =150 units$ 16.00110 units @$ 6.00 =660130 units$ 16.001,540$ 3,530280 units @$ 5.50 =Totals580 units280 unitsRequired: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.WeightedAverageSpecific IdFIFOLIFODetermine the cost assigned to ending inventory and to cost of goods sold using FIFO.Perpetual FIFO:Cost of Goods SoldGoods PurchasedInventory BalancePrev1 24of 8 曲Next >MacBook Air80DIIF2F3F4F5F6F7F8F91F@%232$&34.78* CO< CO <-0X02/04/202222n, Charles B 12:00PAEDA ezto.mheducation.comSavedHeomework iRequired informationWeightedAverageSpecific IdFIFOLIFODetermine the cost assigned to ending inventory and to cost of goods sold using FIFO.Perpetual FIFO:Goods PurchasedCost perInventory BalanceCost perunitCost of Goods SoldDate# of unitssoldCost perCost of GoodsSold# of unitsInventory Balance# of unitsunitunit190 at$ 7.00 =1,330.00January 1January 10January 20Total January 20January 25Total January 25January 30TotalsWeighted AverageLIFO >< Prev1 2 34of 8Next >MacBook Air80DIIF3F4F5F6F7F8F9

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Description: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Brittany Feige CMA O 5x*02/04/2022Warren, Charles B 12:00PELEMEDA ezto.mheducation.com5 Homework iSavedHelpRequired information[The following information applies to

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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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Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Brittany Feige CMA O 5x
*02/04/2022
Warren, Charles B 12:00P
ELEMED
A ezto.mheducation.com
5 Homework i
Saved
Help
Required 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 a
perpetual inventory system. 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
Activities
Units sold at Retail
Units Acquired at Cost
190 units@
Beginning inventory
Sales
Purchase
Sales
Purchase
$ 1,330
January 1
January 10
January 20
January 25
January 30
$ 7.00 =
150 units
$ 16.00
110 units @
$ 6.00 =
660
130 units
$ 16.00
1,540
$ 3,530
280 units @
$ 5.50 =
Totals
580 units
280 units
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.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Perpetual FIFO:
Cost of Goods Sold
Goods Purchased
Inventory Balance
Prev
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MacBook Air
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02/04/2022
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n, Charles B 12:00P
AED
A ezto.mheducation.com
Saved
He
omework i
Required information
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Perpetual FIFO:
Goods Purchased
Cost per
Inventory Balance
Cost per
unit
Cost of Goods Sold
Date
# of units
sold
Cost per
Cost of Goods
Sold
# of units
Inventory Balance
# of units
unit
unit
190 at
$ 7.00 =
1,330.00
January 1
January 10
January 20
Total January 20
January 25
Total January 25
January 30
Totals
Weighted Average
LIFO >
< Prev
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4
of 8
Next >
MacBook Air
80
DII
F3
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F5
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F7
F8
F9

Expert Solution

Step 1

Lets start with basic understanding.

There are two system for inventory valuation which are,

(1) Perpetual inventory system

(2) Periodical inventory system

In periodical inventory system, COGS and ending inventory is counted at the end of certain specified period. i.e. weekly, monthly, yearly etc.

In perpetual inventory system, COGS and ending inventory is counted at the same time as the transaction occur. In other words all are on the real time basis.

In inventory system there is various methods. FIFO is one of the method in which company assume that, goods comes first in the inventory is sold first.

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