Can you do the LIFO for January 1January 10 And January 20 and January 25 and January 30 AND THE WEIGHTED AVERAGE AS WELL thank you **Inventory Data Analysis for Educational Purposes****Introduction:**Laker Company reported the following January purchases and sales data for its only product. The company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory.**Inventory Data Table:**| Date | Activities | Units Acquired at Cost | Cost per Unit ($) | Total Cost ($) | Units Sold at Retail | Retail Price per Unit ($) ||--------------|---------------------|------------------------|-------------------|----------------|----------------------|---------------------------|| January 1 | Beginning Inventory | 156 units | $6.00 | $936 | | || January 10 | Sales | | | | 84 units | $15.00 || January 20 | Purchase | 76 units | $5.00 | $380 | | || January 25 | Sales | | | | 96 units | $15.00 || January 30 | Purchase | 180 units | $4.50 | $810 | | || **Totals** | | **412 units** | | **$2,126** | **180 units** | |**Explanation of Data:**- **Beginning Inventory (January 1):** - Laker Company starts January with an inventory of 156 units, each costing $6.00, totaling $936.- **Sales (January 10):** - 84 units are sold at a retail price of $15.00 each.- **Purchase (January 20):** - The company purchases an additional 76 units at a cost of $5.00 each, totaling $380.- **Sales (January 25):** - Another 96 units are sold at a retail price of $15.00 each.- **Purchase (January 30):** - The company makes its final purchase of the month, acquiring 180 units at a cost of $4.50 each, totaling $810.- **Summary Totals:** - By the end of January, the company has acquired a total of ### Perpetual LIFO Inventory ManagementThis table demonstrates the perpetual inventory system using the Last-In, First-Out (LIFO) method for tracking inventory. Each date of transaction within January is considered, showing purchases, sales, and inventory balances.#### Table Breakdown:- **Headers:** - Goods Purchased: # of units, Cost per unit - Cost of Goods Sold: # of units sold, Cost per unit, Cost of Goods Sold - Inventory Balance: # of units, Cost per unit, Inventory Balance- **Data Entries:** | Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of Goods Sold | # of units | Cost per unit | Inventory Balance | |---------------|------------|---------------|-----------------|---------------|---------------------|------------|---------------|-------------------| | January 1 | | | | | | 156 | $6.00 | $936.00 | | January 10 | | | 84 | | | 156 | | | | January 20 | 76 | $5.00 | | | | 120 | | | | | | | | | | 76 | $5.00 | $380.00 | | January 25 | | | | $5.00 | $0.00 | 120 | | | | | | | 96 | | | 0 | | | | January 30 | 180 | $4.50 | | | | 180 | | | | | | | | | | 180 | $4.50 | $810.00 | | Totals | | | | | $0.00 | | | $810.00 |---### Detailed Explanation of Graphs and Diagrams:- **Goods Purchased:** This column shows the number of units purchased and their respective costs per unit. For instance, on January 20, 76 units were purchased at a cost of $5.00 per unit.

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost @ $ 6.00 156 units 76 units e $5.00 180 units @ $ 4.50 412 units = = $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units @ 180 units $15.00 $ 15.00

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost @ $ 6.00 156 units 76 units e $5.00 180 units @ $ 4.50 412 units = = $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units @ 180 units $15.00 $ 15.00

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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