I need to figure out. please help. I need to figure out. please help. Help Save&
ID: 2541105 • Letter: I
Question
I need to figure out. please help. I need to figure out. please help. Help Save&Exit; Subr mework Check my work 0 Required information Use the following information for the Exercises below. The followlng information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product Activities Units Acquired at Coat,.tnits sold at Retail an. 1 seginning inventory205 unita$13.00 Jan. 10 Sales $2,665 140 unita $12.00 1,680 310 unito $11.50-3.565 165 units $22.00 145 units$22.00 an. 20 Puzchase Jas. 25 Sales an- 30 Purehase Totals 7,910310 units The Company uses a perpetual inventory system. 345 units, where 310 are from the January 30 purc from beginning inventory For specific identification, ending inventory consists of hase, 5 are from the January 20 purchase, and 30 are Exercise 5-3 Perpetual: Inventory costing methods LO P1 efenences Required 1. Compiete the table to determine the cost assigned to ending inventory and cost of goods sold using specific dentificetion 2. Determine the cost assigned to ending inventory and to cost of goods soid using weighted averege 3. Determine the cost assigned to ending inventory and to cost of goods soid using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods soid using LIFO. Complete this questions by entering your answers in the below tabs. Complete the table to cetermine the cost essigned so endieg inventory and cost of goods sold using specific identfication Cost of Goods Soled ActivityUnits Soild Unit Cost coGS IetnExplanation / Answer
1 Computation of Cost of goods sold and Cost of ending Inventory under Specific Indentification method Purchase date Available For Sales Cost of goods sold Ending inventory Acitivity Units Units Cost Total Cost Units sold Unit Cost COGS Ending invenory Units Cost per unit Ending inventory Cost Jan-01 Opening balance 205 $13 2665 30 $13 390 Jan-20 Purchases 140 $12 1680 5 $12 60 Jan-30 Purchases 310 $11.50 3565 310 $11.50 3565 7910 4015 Cost of Goods sold = Inventory Available for sales - Ending inventory Cost =$7910 - $4015 =$3895 2 Computation of Cost of goods sold and Cost of ending Inventory under Weighted avearge Method Purchase date Available For Sales Cost of goods sold Ending inventory Acitivity Units Units Cost Total Cost Units sold Unit Cost COGS Ending invenory Units Cost per unit Ending inventory Cost Jan-01 Opening balance 205 $13 2665 205 $13 2665 Jan-10 Sales 165 $13 2145 40 $13 520 (205-165) Jan-20 Purchases 140 $12 1680 40 $13 520 140 $12 1680 180 12.22 2200 Jan-25 Sales 145 $12.22 1771.9 35 12.22 427.7 (180-145) Jan-30 Purchases 310 $11.50 3565 35 12.22 427.7 310 11.5 3565 345 11.57 3992.7 Totals 7910 3916.9 3992.7 Cost of goods sold =3916.90 Cost of Ending Inventory =3992.70 3 Computation of Cost of goods sold and Cost of ending Inventory under FIFO Method Purchase date Available For Sales Cost of goods sold Ending inventory Acitivity Units Units Cost Total Cost Units sold Unit Cost COGS Ending invenory Units Cost per unit Ending inventory Cost Jan-01 Opening balance 205 $13 2665 205 $13 2665 Jan-10 Sales 165 $13 2145 40 $13 520 (205-165) Jan-20 Purchases 140 $12 1680 40 $13 520 140 $12 1680 180 2200 Jan-25 Sales 40 $13 520 105 $12 1260 35 $12 420 145 1780 (180-145) Jan-30 Purchases 310 $11.50 3565 35 $12 420 310 $11.50 3565 345 3985 Cost goods sold =2145+1780 =$3925 Cost of ending inventory =$3985 4 Computation of Cost of goods sold and Cost of ending Inventory under LIFO Method Purchase date Available For Sales Cost of goods sold Ending inventory Acitivity Units Units Cost Total Cost Units sold Unit Cost COGS Ending invenory Units Cost per unit Ending inventory Cost Jan-01 Opening balance 205 $13 2665 205 $13 2665 Jan-10 Sales 165 $13 2145 40 $13 520 (205-165) Jan-20 Purchases 140 $12 1680 40 $13 520 140 $12 1680 180 2200 Jan-25 Sales 140 $12 1680 5 $13 65 35 $13 455 145 1745 (180-145) Jan-30 Purchases 310 $11.50 3565 35 $13 455 310 $11.50 3565 345 4020 Cost goods sold =2145+1745 =$3890 Cost of ending inventory =$4020