Required information The following information applies to the questions displayed below Laker Company reported the...
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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 periodic inventory system For specific identification ending inventory consists of 200 units where 180 are from the January 30 purchase 5 are from the January 20 purchase and 15 are from beginning inventory Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase Sales January 25 January 30 Purchase Totals Specific Id Weighted Average Complete this question by entering your answers in the tabs below Units Acquired at Cost e 6 00 FIFO b Weighted average Periodic 140 units LIFO 60 units e 5 00 180 units 4 50 380 units e Required 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 840 Gost of Goods Available for Sale 300 810 1 950 Cost of Goods Sold Units sold at Retail 100 units e 15 80 units 15 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 180 units Ending Inventory
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