70.2K

Verified Solution

Link Copied!

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. For specific identification,

ending inventory consists of $180$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning inventory.

The Company uses a periodic inventory system. For specific identification, ending inventory consists of $180$ units from the January $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. Determine the cost assigned to ending

inventory and to cost of goods sold using

$($a$)$ specific identification,

$($b$)$ weighted average,

$($c$)$ FIFO, and

$($d$)$ LIFO.

Complete this question by entering your answers in the tabs below.

Specific Id

Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of

$180$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. 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. For specific identification,

ending inventory consists of $180$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning inventory.

The Company uses a periodic inventory system. For specific identification, ending inventory consists of $180$ units from the January $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. Determine the cost assigned to ending

inventory and to cost of goods sold using

$($a$)$ specific identification,

$($b$)$ weighted average,

$($c$)$ FIFO, and

$($d$)$ LIFO.

Complete this question by entering your answers in the tabs below.

Specific Id

Weighted

Average

LIFO

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

Note: Round cost per unit to $2$ decimal places.

b$)$ Weighted average $-$ Periodic 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. For specific identification,

ending inventory consists of $180$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning inventory.

The Company uses a periodic inventory system. For specific identification, ending inventory consists of $180$ units from the January $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. Determine the cost assigned to ending

inventory and to cost of goods sold using

$($a$)$ specific identification,

$($b$)$ weighted average,

$($c$)$ FIFO, and

$($d$)$ LIFO.

Complete this question by entering your answers in the tabs below.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 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. For specific identification,

ending inventory consists of $180$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning inventory.

The Company uses a periodic inventory system. For specific identification, ending inventory consists of $180$ units from the January $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. Determine the cost assigned to ending

inventory and to cost of goods sold using

$($a$)$ specific identification,

$($b$)$ weighted average,

$($c$)$ FIFO, and

$($d$)$ LIFO.

Complete this question by entering your answers in the tabs below.

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Show all imagesShow all images

Answer & Explanation Solved by verified expert

See Answer