Please be specific on where the numbers should be.! Required Informatlon The fol
ID: 2579615 • Letter: P
Question
Please be specific on where the numbers should be.!
Required Informatlon The following Information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. Activities Units sold at Retail 160 units $22.50 180 units $22.50 340 units Units Aquired at Cost Date Jan. 1 Beginning inventory Jan. 1 Sales Jan. 2 Purchase Jan. 25 Sales Jan. 30 Purchase 210 units @ $13.50 $2,835 150 units @ $12.50 1,875 320 units@ $12.003,840 Totals 680 units $8,550 The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory 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 questions by entering your answers in the below tabs. Required Required 2Required 3 Required4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification ecific Identificatio Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory Unit Ending Purchase Date Activity Units Unit Cost Unit Cost COGs Inventory Sold Units os Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 210 150 320 680 Required 2Explanation / Answer
SPECIFIC IDENTIFICATION: Available for sale Cost of Goods Sold Ending ineventory Date Activity Units Unit cost Units sold Units cost COGS Ending inventory Cost per unit Ending inventory Units cost Jan.1 beginning inventory 210 2835 15 13.5 202.5 195 13.5 2632.5 Jan.20 Purchase 150 1875 5 12.5 62.5 145 12.5 1812.5 Jan.30 Purchase 320 3840 320 12 3840 Total 340 4105 340 4445 Total cost of Goods Sold 4105 Total Ending Inventory 4445 WEIGHTEED AVERAGE: Goods purchased Cost of Goods Sold Inventory Balance Date Units cost per unit Unit sold cost per unit COGS Units cost per unit Inventory balance 1-Jan 210 13.5 2835 10-Jan 160 13.5 2160 50 13.5 675 20-Jan 150 12.5 200 12.75 2550 25-Jan 180 12.75 2295 20 12.75 255 30-Jan 320 12 340 12.04 4095 Total Cost of Goods Sold 4455 (2160 + 2295) Total Ending Inventory 4095 FIFO: Goods purchased Cost of Goods Sold Inventory Balance Date Units cost per unit Unit sold cost per unit COGS Units cost per unit Inventory balance 1-Jan 210 13.5 2835 10-Jan 160 13.5 2160 50 13.5 675 20-Jan 150 12.5 50 13.5 675 150 12.5 1875 25-Jan 50 13.5 675 130 12.5 1625 20 12.5 250 30-Jan 320 12 20 12.5 250 320 12 3840 Total 340 4460 340 4090 Total Cost of Goods Sold 4460 Total Ending inventory Cost 4090 LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date Units cost per unit Unit sold cost per unit COGS Units cost per unit Inventory balance 1-Jan 210 13.5 2835 10-Jan 160 13.5 2160 50 13.5 675 20-Jan 150 12.5 50 13.5 675 150 12.5 1875 25-Jan 150 12.5 1875 30 13.5 405 20 13.5 270 30-Jan 320 12 20 13.5 270 320 12 3840 Total 340 4440 340 4110 Total Cost of Goods Sold 4440 Total Ending inventory Cost 4110