question archive Check my work ! Required information Use the following information for the Exercises 3-7 below
Check my work ! Required information Use the following information for the Exercises 3-7 below
Subject:AccountingPrice: Bought3
Check my work ! Required information 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 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 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 180 units @ $ 10.50 = $ 1,890 January 10 Sales 140 units @ $ 19.50 January 20 Purchase 110 units @ $ 9.50 = 1,045 January 25 Sales 130 units @ $ 19.50 January 30 Purchase 270 units @ $ 9.00 = 2,430 Totals 560 units $ 5,365 270 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO 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 weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance Date Cost per # of units Cost per unit # of units sold unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 180 at $ 10.50 = $ 1,890.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals < Specific Id FIFO > Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Cost of Goods Sold Available for Sale Purchase Date Ending Activity Ending Inventory Ending Cost Per Unit Inventory- Cost Cost Per Unit # of units # of units sold Cost Per Unit COGS Inventory Units 180 $ 10.50 January 1 January 20 January 30 Beginning inventory Purchase 110 $ 9.50 Purchase $ 9.00 270 560 0 $ 0 0 $ 0 < Specific id Weighted Average > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Goods Purchased Cost per # of units unit Date # of units Cost per Inventory Balance unit January 1 180 at $ 10.50 = $ 1,890.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < Weighted Average LIFO > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Perpetual LIFO: Goods Purchased Cost of Goods Sold # of units Cost per # of units Cost of Goods unit sold unit Sold Cost per # of units Inventory Balance Cost per Inventory Balance unit $ 10.50 = $ 1,890.00 January 1 180 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
