Answer Happy

Specific ID
Weighted Average
FIFO
LIFO
Required Information [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 purchase, 5 units from the January 20 purchase, and 25 units from beginning Inventory. 200 units from the January 30 Date January 1 January 10 January 20 January 25 - January 30 Activities Beginning inventory Sales Purchase. Sales Purchase Totals Units Acquired at Cost $ 7.50- 150 units @ 80 units. e 200 units e 430 units $ 6.50 $6.00- $ 1,125 520 1,200 $ 2,845 Units sold at Retail 110 units 90 units 200 units e @ $ 16.50 $ 16.50 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.

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. 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 Activity FIFO LIFO Available for Sale Beginning inventory Purchase Purchase # of units 150 80 200 430 Cost Per Unit Cost of Goods Sold # of units sold 0 Stiecitilin Cost Per Unit COGS S Ending Inventory- Units Weighted Average > Ending Inventory Cost Per Unit Ending Inventory- Cost $

Specific Id Date January 11 January 10 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 Weighted Average January 201 Average cost January 20 January 25 January 30 Totals FIFO Goods Purchased of units LIFO Cost per unit # of units. sold Cost per unit Cost of Goods Sold < Specific Id # of units 150 at Inventory Balance Cost per unit S FIFO > Inventory Balance 7.50- $ 1.125.00

Specific Id Date January 11 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit January 10 January 201 Total January 20 January 25 Total January 25 January 30 Totals Weighted Average FIFO Goods Purchased # of units LIFO Cost per unit # of units sold Cost of Goods Sold # of units 150 at Inventory Balance Cost per unit Inventory Balance $ 7.50 = $ 1,125.00

Specific Id Date January 1 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Weighted Average FIFO Goods Purchased # of units LIFO Cost per unit Perpetual LIFO Cost of Goods Sold # of units sold Cost per Cost of Goods unit Sold # of units 150 at Inventory Balance Cost per unit Inventory Balance $ $ 7.50- 1,125.00