2.4.pdf - Score 10/10 Points 100[The following information...

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2.Award: 2 out of 2.00 points2 out of 2.00 points[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product.DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1 Beginning inventory205units@$13.00 =$2,665Jan.10 Sales165 units@$22.00 Jan.20 Purchase140 units@$12.00 = 1,680Jan.25 Sales145 units@$22.00 Jan.30 Purchase310 units@$ 11.50 = 3,565Totals655 units$ 7,910310 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are fromthe January 20 purchase, and 30 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.Score:Score:10/10Points100%

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