I need help with this problem. I appreciate any help! Thank you.

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I need help with this problem. I appreciate any help! Thankyou.

I Need Help With This Problem I Appreciate Any Help Thank You 1 (73.17 KiB) Viewed 40 times

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 210 units@ $13.50 $2,835 150 units@ $12.50 = Exercise 6-3 Perpetual: Inventory costing methods LO P1 Jan. 1 Jan. 20 Jan. 30 320 units@ $12.00 = 680 units Purchase Date 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. Complete this question by entering your answers in the tabs below. 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. Activity Beginning inventory Purchase Purchase Required 1 Required 2 Required 3 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Required 4 1,875 3,840 $8,550 Units Unit Cost 210 $13.50 150 $ 12.50 320 $ 12.00 680 Units Sold Units sold at Retail 160 units @ $22.50 180 units @ $22.50 0 340 units Cost of Goods Sold Unit Cost < Required 1 COGS $ Ending Inventory Cost Per Unit Ending Inventory- Units Required 2 > 0 Ending Inventory- Cost $ 0
Required 1 Required 2 Required 3 Required 4 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: Date January 1 January 10 January 20 Average cost January 25 January 30 Totals Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold < Required 1 # of units Inventory Balance Cost per unit 210 @ $ 13.50 = Required 3 > Inventory Balance $ 2,835.00
Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Date January 1 January 10 January 20 January 25 January 30 Totals Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold < Required 2 Inventory Balance Cost per unit $13.50 # of units 210 @ Required 4 > Inventory Balance $ 2,835.00
Required 1 Required 2 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Date January 1 January 10 January 20 January 25 January 30 Required 3 Required 4 Totals Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold < Required 3 # of units Inventory Balance Cost per unit $13.50 = 210 @ Required 4 > Inventory Balance $ 2,835.00