I need help. Complete this question by entering your answers in the tabs below.WeightedAverageComplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Specific IdentificationSpecific IdPurchase DateJanuary 1January 20January 30ActivityFIFOLIFOAvailable for SaleBeginning inventoryPurchasePurchase# of units220170370760Cost PerUnitCost of Goods Sold# of unitssold0< Specific IdCost Per UnitCOGS$0EndingInventory-UnitsWeighted Average >0Ending InventoryCost Per UnitEndingInventory-$ 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 aperpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.DateJanuary 1January 10January 20January 25January 30ActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsUnits Acquired at Cost220 units @ $14.50 =170 units @370 units @760 units$ 13.50 =$ 13.00 =$ 3,1902,2954,810$ 10,295Units sold at Retail170 units @200 units370 units@$23.50$23.50Required: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.

Name: I need help. Complete this question by entering your answers in the ta
Uploaded: 2024-03-20T06:32:37.000Z
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Description: I need help. Complete this question by entering your answers in the tabs below.WeightedAverageComplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Specific IdentificationSpecific I

The inventory is necessary in the business but tax purpose company have different methods of…

Business

Accounting

ete Weighted Average plete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identif Specific Identification cific Id ase Date tering FIFO Activity LIFO Available for Sale # of units Cost Per Init Cost of Goods Sold # of units sold Cost Per Unit COGS Ending Inventory