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. Date Jan. 1 Beginning inventory 150 unitse $7.50 = $1,125 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Activities Units Acquired at Cost Units sold at Retail 110 units@ $16.50 80 units@ $6.50 = 520 90 unitse $16.50 Jan. 30 Purchase 200 unitse $6.00 =_1,200 Totals 430 units $2,845 200 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are 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 qu

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Topic Video
Question
A ezto.mheducation.com
enter
B Welcome, Aury - Blackb.
Close reading assignmen.
E English essay - Google D.
M MyOpenMath - Gradebook
M Question 3- Chapter 5-
pter 5 A
G 79
Saved
Help
Save & Exit
SL
Check my w
Required information
(The following information applies to the questions displayed below.]
R2 of 2
Laker Company reported the following January purchases and sales data for its only product.
Date
Jan. 1 Beginning inventory 150 units@ $7.50 = $1,125
Jan. 10 Sales
Jan. 20 Purchase
Jan. 25 Sales
Activities
Units Acquired at Cost Units sold at Retail
ts
110 units@ $16.50
80 units@ $6.50 =
520
Skipped
90 units@ $16.50
Jan. 30 Purchase
200 units @ $6.00 =1,200
Totals
430 units
$2,845 200 units
eBook
Hint
Required:
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from
the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to
ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, () FIFO, and (d) LIFO.
Print
eferences
Complete this question by entering your answers in the tabs below.
Specific Id
Weighted
Average
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of
230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
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Transcribed Image Text:A ezto.mheducation.com enter B Welcome, Aury - Blackb. Close reading assignmen. E English essay - Google D. M MyOpenMath - Gradebook M Question 3- Chapter 5- pter 5 A G 79 Saved Help Save & Exit SL Check my w Required information (The following information applies to the questions displayed below.] R2 of 2 Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory 150 units@ $7.50 = $1,125 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Activities Units Acquired at Cost Units sold at Retail ts 110 units@ $16.50 80 units@ $6.50 = 520 Skipped 90 units@ $16.50 Jan. 30 Purchase 200 units @ $6.00 =1,200 Totals 430 units $2,845 200 units eBook Hint Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, () FIFO, and (d) LIFO. Print eferences Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Mc raw lill < Prev 3 of 6 E Next > ali 2 A O 9.941 MAR 21 étv MacBook Pro & @ # %24 6 8. 2 3 4 Y Q W E K F G S C V command この R
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