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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 a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Totals January 20 January 25 January 30 Units Acquired at Cost 156 units e $ 6.00 = 76 units e $ 5.00 = 180 units e 412 units $ 4.50 $ 936 380 810 $ 2,126 Units sold at Retail 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. 84 units@ 96 units@ 180 units $15.00 $ 15.00 Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 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.

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 a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Totals January 20 January 25 January 30 Units Acquired at Cost 156 units e $ 6.00 = 76 units e $ 5.00 = 180 units e 412 units $ 4.50 $ 936 380 810 $ 2,126 Units sold at Retail 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. 84 units@ 96 units@ 180 units $15.00 $ 15.00 Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 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.

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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Can you please do all four parts the Specific Id and the Weighted Average and FIFO AND LIFO thank you
es 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 FIFO LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units Cost Per Unit 156 $ 76 $ 180 $ 412 6.00 5.00 4.50 Cost of Goods Sold # of units sold 84 $ 380 $ 464 Cost Per Unit < Specific Id COGS 6.00 $ 5.00 $ 504 1,900 2,404 Ending Inventory- Units + Weighted Average > 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ 0
Transcribed Image Text:es 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 FIFO LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units Cost Per Unit 156 $ 76 $ 180 $ 412 6.00 5.00 4.50 Cost of Goods Sold # of units sold 84 $ 380 $ 464 Cost Per Unit < Specific Id COGS 6.00 $ 5.00 $ 504 1,900 2,404 Ending Inventory- Units + Weighted Average > 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ 0
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 a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 156 units @ $6.00 = 76 units e $5.00 180 units @ $ 4.50 412 units $ 936 380 Units sold at Retail 84 units @ units e 810 $ 2,126 180 units $15.00 $15.00 Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 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.
Transcribed Image Text: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 a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 156 units @ $6.00 = 76 units e $5.00 180 units @ $ 4.50 412 units $ 936 380 Units sold at Retail 84 units @ units e 810 $ 2,126 180 units $15.00 $15.00 Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 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.
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