80.2K

Verified Solution

Link Copied!

Applying Integrated Excel: Perpetual: Inventory costing methods FIFO and LIFO Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Date January 1 January 9 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 145 units @ $ 7.00 = 70 units @ $6.00 = 190 units @ 405 units $5.50 = $ 1,015 420 1,045 $ 2,480 Units sold at Retail 105 units @ 85 units 190 units $ 16.00 $ 16.00 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. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.

Applying Integrated Excel: Perpetual: Inventory costing methods FIFO and LIFO Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 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. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Required: Determine the cost assigned to ending inventory and to cost of goods sold using LFO

Answer & Explanation Solved by verified expert

See Answer