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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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 11.00 = $ 10.00 = 185 units 100 units @ 270 units @ 555 units $9.50 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units. 125 units 270 units @ @ $20.00 $ 20.00 Required: 1. Comple 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.

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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 11.00 = $ 10.00 = 185 units 100 units @ 270 units @ 555 units $9.50 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units. 125 units 270 units @ @ $20.00 $ 20.00 Required: 1. Comple 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.

FINANCIAL ACCOUNTING
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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Please help me with a Weighted Average, FIFO, and LIFO chart. Thank you
Homework 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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 11 January 10 January 201 January 25. January 30 Activities. Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted. Average Units Acquired at Cost @ $ 11.00 = 185 units FIFO 100 units LIFO @ Saved 270 units @ 555 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Complete this question by entering your answers in the tabs below. $ 10.00 = $9.50 = $ 2,035 1,000 2,565 $ 5,600 < Prev 2 of 8 Units sold at Retail 145 units. 125 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. 270 units @ @ Next > $ 20.00 $ 20.00 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Transcribed Image Text:Homework 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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 11 January 10 January 201 January 25. January 30 Activities. Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted. Average Units Acquired at Cost @ $ 11.00 = 185 units FIFO 100 units LIFO @ Saved 270 units @ 555 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Complete this question by entering your answers in the tabs below. $ 10.00 = $9.50 = $ 2,035 1,000 2,565 $ 5,600 < Prev 2 of 8 Units sold at Retail 145 units. 125 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. 270 units @ @ Next > $ 20.00 $ 20.00 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
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