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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 @ $ 7.00 = Units sold at Retail Beginning inventory Sales January 1 January 10 January 20 January 25 January 30 $ 1,330 150 units $ 16.00 Purchase 110 units @ $ 6.00 = 660 Sales Purchase 130 units $ 16.00 280 units e $ 5.50 = 1,540 $ 3,530 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.

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 @ $ 7.00 = Units sold at Retail Beginning inventory Sales January 1 January 10 January 20 January 25 January 30 $ 1,330 150 units $ 16.00 Purchase 110 units @ $ 6.00 = 660 Sales Purchase 130 units $ 16.00 280 units e $ 5.50 = 1,540 $ 3,530 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.

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Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
A ezto.mheducation.com r 5 Homework A Saved Help Required information T 4 [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 January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 190 units @ Units sold at Retail Beginning inventory Sales Purchase Sales Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 ok 130 units $ 16.00 280 units @ 580 units $ 5.50 = 1,540 Totals $ 3,530 280 units Required: nt 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. nces 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 weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance < Prev 1 2 3 4 of 8 Next > MacBook Air 80 DI F2 F3 F4 F5 F6 F7 F8 F9 @ #3 $ & 2 3 4 7 8 Y S この * 00 LL w/
Transcribed Image Text:A ezto.mheducation.com r 5 Homework A Saved Help Required information T 4 [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 January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 190 units @ Units sold at Retail Beginning inventory Sales Purchase Sales Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 ok 130 units $ 16.00 280 units @ 580 units $ 5.50 = 1,540 Totals $ 3,530 280 units Required: nt 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. nces 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 weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance < Prev 1 2 3 4 of 8 Next > MacBook Air 80 DI F2 F3 F4 F5 F6 F7 F8 F9 @ #3 $ & 2 3 4 7 8 Y S この * 00 LL w/
02/04/2022 ?: OA Warren, Charles B 12:00P TELEMED A ezto.mheducation.com 5 Homework A Saved Help Save Required information 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 weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchas Inventory Balance Date Cost per # of units Cost per unit Cost of Goods Sold # of units # of units Cost per unit Inventory Balance unit sold January 1 190 at $ 7.00 = $ 1,330.00 January 10 January 20 es Average cost January 20 January 25 January 30 Totals ( Specific Id FIFO > < Prev 2 3 4 of 8 Next > MacBook Air 80 DII F2 F3 F5 F6 F7 FB F9 F10 @ #3 $ & 3 4 7 8. W E T. Y R
Transcribed Image Text:02/04/2022 ?: OA Warren, Charles B 12:00P TELEMED A ezto.mheducation.com 5 Homework A Saved Help Save Required information 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 weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchas Inventory Balance Date Cost per # of units Cost per unit Cost of Goods Sold # of units # of units Cost per unit Inventory Balance unit sold January 1 190 at $ 7.00 = $ 1,330.00 January 10 January 20 es Average cost January 20 January 25 January 30 Totals ( Specific Id FIFO > < Prev 2 3 4 of 8 Next > MacBook Air 80 DII F2 F3 F5 F6 F7 FB F9 F10 @ #3 $ & 3 4 7 8. W E T. Y R
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