Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. A ezto.mheducation.commework ASavedHelpSave & E.CheJanuary 20January 25January 30PurchaseSalesPurchase110 units @$ 6.00 =660130 units@$16.00280 units e$ 5.50 =1,540Totals580 units$ 3,530280 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 FIFO.c) Periodic FIFOCost of Goods Available for SaleCost of Goods SoldEnding Inventory# of units inCost perunitCost of GoodsAvailable for Sale# of unitsCost perunitCost of GoodsCost perunitEndingInventory# of unitsendinginventorysoldSoldBeginning inventory1907.001,330Purchases:January 201106.00660January 302805.501,540Total580243,53024< Weighted AverageLIFO>< Prev4of 8 開Next >MacBook Air80DIIF2F3F4F5F6F7F8F9F10@2324&34579.WET.Y* CO A ezto.mheducation.comomework ASavedHelpSaveRequired 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 Acquired at Cost190 units @Units sold at RetailJanuary 1January 10January 20January 25January 30Beginning inventorySales$ 7.00 =$ 1,330150 units@$ 16.00Purchase110 units e$ 6.00 =660SaleşPurchase130 units$ 16.00280 units @$ 5.50 =1,540Totals580 units$ 3,530280 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 FIFO.c) Periodic FIFOCost of Goods Available for SaleCost of Goods SoldEnding Inventory# of units inCost perunitCost of GoodsAvailable for Sale# of unitssoldCost perunitCost of GoodsCost perunitEndingInventory# of unitsendinginventorySold< Prev4of 8Next >MacBook AirDIIDDF2F3F4F5F6F7F8F9F1023$&*

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Description: Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. A ezto.mheducation.commework ASavedHelpSave & E.CheJanuary 20January 25January 30PurchaseSalesPurchase110 units @$ 6.00 =660130 units@$16.00280 u

Under FIFO cost assumption, the inventory acquired first, will be sold first.

Business

Accounting

January 20 January 25 January 30 Purchase Sales Purchase 110 units e $ 6.00 = 660 130 units $ 16.00 280 units e $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

January 20 January 25 January 30 Purchase Sales Purchase 110 units e $ 6.00 = 660 130 units $ 16.00 280 units e $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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

A ezto.mheducation.com
mework A
Saved
Help
Save & E.
Che
January 20
January 25
January 30
Purchase
Sales
Purchase
110 units @
$ 6.00 =
660
130 units
@
$16.00
280 units e
$ 5.50 =
1,540
Totals
580 units
$ 3,530
280 units
The Company uses a periodic 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. Determine the cost assigned to ending
inventory 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.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
c) Periodic FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
# of units in
Cost per
unit
Cost of Goods
Available for Sale
# of units
Cost per
unit
Cost of Goods
Cost per
unit
Ending
Inventory
# of units
ending
inventory
sold
Sold
Beginning inventory
190
7.00
1,330
Purchases:
January 20
110
6.00
660
January 30
280
5.50
1,540
Total
580
24
3,530
24
< Weighted Average
LIFO
>
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A ezto.mheducation.com
omework A
Saved
Help
Save
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 Acquired at Cost
190 units @
Units sold at Retail
January 1
January 10
January 20
January 25
January 30
Beginning inventory
Sales
$ 7.00 =
$ 1,330
150 units
@
$ 16.00
Purchase
110 units e
$ 6.00 =
660
Saleş
Purchase
130 units
$ 16.00
280 units @
$ 5.50 =
1,540
Totals
580 units
$ 3,530
280 units
The Company uses a periodic 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. Determine the cost assigned to ending
inventory 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.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
c) Periodic FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
# of units in
Cost per
unit
Cost of Goods
Available for Sale
# of units
sold
Cost per
unit
Cost of Goods
Cost per
unit
Ending
Inventory
# of units
ending
inventory
Sold
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