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Home-Eastern Gateway > c ola secure i new connect.miheducation.com xy x Yahoo Search- Web Search x rial ? final Saved Help Save & Exit Submit 0 3 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 Date Activities Units Acquired at Cost an 1 Beginning inventory 230 an. 1e sales an. 20 Purchase units e 55.53,56s 19e unitse 514.52,755 360 units $14.05,840 Units sold at Retail 188 units $24.5 220 units e $24.se an. 25 Sales an. 38 Purchase Totals 780 units $11,36 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory 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 Mc Prey 3 of 17 Score.answer > O type here to search 455 PM A98/3/2018

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 230 15.5 3565 10-Jan 180 15.5 2790 50 15.5 775 20-Jan 190 14.5 2755 50 15.5 775 190 14.5 2755 25-Jan 50 15.5 775 170 14.5 2465 20 14.5 290 30-Jan 360 14 5040 20 14.5 290 360 14 5040 TOTAL 550 7795 400 6030 380 5330 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 230 15.5 3565 10-Jan 180 15.5 2790 50 15.5 775 20-Jan 190 14.5 2755 50 15.5 775 190 14.5 2755 25-Jan 190 14.5 2755 30 15.5 435 20 15.5 310 30-Jan 360 14 5040 20 15.5 310 360 14 5040 TOTAL 550 7795 400 5980 380 5350 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 230 15.5 3565 10-Jan 180 15.5 2790 50 15.5 775 20-Jan 190 14.5 2755 50 15.5 775 190 14.5 2755 Average 240 14.71 3530 25-Jan 220 14.71 3236 20 14.71 294 30-Jan 360 14 5040 20 14.71 294 360 14 5040 Average 380 14.04 5334 TOTAL 550 7795 400 6026 380 5334 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg. Balance 230 15.5 3565 215 15.5 3332.5 15 15.5 232.5 Purchasse 20-Jan 190 14.5 2755 185 14.5 2682.5 5 14.5 72.5 30-Jan 360 14 5040 360 14 5040 TOTAL 780 11360 400 6015 380 5345

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