I need help. 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. 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$0EndingInventory-UnitsWeighted Average >0Ending InventoryCost Per UnitEndingInventory-$

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Description: I need help. 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 specif

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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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Complete this question by entering your answers in the tabs below.
Weighted
Average
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Specific Identification
Specific Id
Purchase Date
January 1
January 20
January 30
Activity
FIFO
LIFO
Available for Sale
Beginning inventory
Purchase
Purchase
# of units
220
170
370
760
Cost Per
Unit
Cost of Goods Sold
# of units
sold
0
< Specific Id
Cost Per Unit
COGS
$
0
Ending
Inventory-
Units
Weighted Average >
0
Ending Inventory
Cost Per Unit
Ending
Inventory-
$

Expert Solution

Step 1

Method of Valuation of Inventory,

Three are mainly three method which are been followed to value the stock or we may can say that there are three ways through which stock register are prepared by the organisation,

These method are as follows

Weighted Average Cost Method: In this method cost of inventory shall be calculated by taking weighted average of Inventory buy, sold and stored.
FIFO Method: Inventory valued as First In First Sold.
LIFO Method Inventory Valued as Last In First Sold.

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