Complete 1-4 please and thank you Use the following information for the Exercises 3-7 below. (Algo)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 275 units from the January 30purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.January 1January 10January 20January 25January 30ActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsSpecific IdExercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1WeightedUnits Acquired at Cost175 units @ $ 10.00 -130 units @ $ 9.00 -275 units @580 unitsComplete this question by entering your answers in the tabs below.FIFO$ 7.00 =LIFO< Prev3 of 4$ 1,750MacBook Air1,1701,925$ 4,845Required: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.Units sold at RetailNext >135 units140 units275 unitse8$ 19.00$ 19.00 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.2Complete 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 IdPurchase DateJanuary 1January 20January 30ofWF2380FIFOEBeginning inventoryPurchasePurchaseAvailable for SaleActivity000000$42LIFOR# of units175130275580%5Specific IdentificationCost Per # of unitsUnitsold< PrevFSTCost of Goods SoldA6Cost Per Unit3 of 4MacBook AirF6+Y&7$F7COGSNext >Weighted Average >UEndingInventory-Units8F8Ending InventoryCost Per Unit9CEndingInventory-Cost69$O0aF11

Name: Complete 1-4 please and thank you Use the following information for th
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Description: Complete 1-4 please and thank you Use the following information for the Exercises 3-7 below. (Algo)The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only

The question is based on the concept of Cost Accounting.

Business

Accounting

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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 175 units. @ $ 10.00 - $ 1,750 130 units e $9.00- 275 units @ $ 7.00- 580 units 1,170 1,925 $ 4.845 Units sold at Retail 135 units 140 units 275 units @ $ 19.00 $19.00

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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 175 units. @ $ 10.00 - $ 1,750 130 units e $9.00- 275 units @ $ 7.00- 580 units 1,170 1,925 $ 4.845 Units sold at Retail 135 units 140 units 275 units @ $ 19.00 $19.00

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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