T newconnect.mheducation.com/flow/connect.html apter 6-Homework Saved 9 Use the

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T newconnect.mheducation.com/flow/connect.html apter 6-Homework Saved 9 Use the following information for the Exercises below. The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product art 1 of 2 ts Acquired at Costa: =Units sold at RetauEE an. 1 Beginning inventory 2 units e $i5.se 3,565 19e units@ $14.58 2,755 36e unitse $14.805,848 Jan. ze Sales Jan. 2e Purchase Jan. 25 Sales Jan. 38 Purchase 188 units$24.se 22e units @ S24.5? 488 units ints Totals 788 units $11,36e 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 Hit Exercise 6-3 Perpetuel: Inventory costing methods LO P1 1. Complete the table to determine the cost assigned to ending inventory and cost of goods soid using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Detemine the cost assigned to ending inventory and to cost of goods soid using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods soid using LIFO Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Requred3 Required 4 termin the cost assigned to

Explanation / Answer

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 $ Balance Oct1 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 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 450 7795 400 6026 380 14.04 5334 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 450 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 15.5 465 20 15.5 310 30-Jan 360 14 5040 20 15.5 310 360 14 5040 TOTAL 450 7795 400 6010 380 5350

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