Question

I can figure out this chart. Can someone please help me fill this out and understand it?

MHE Reader ercises Help Save & Exit Sub Check my word 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. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 205 units@ $13.00 = $2,665 140 units@ $12.00 – 1,680 310 units@ $11.50 = 3,565 655 units $7,910 165 units @ $22.00 145 units @ $22.00 310 units The 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 from the 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. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. < Prev 2 of 5 Next >

Answer 1

Perpetual LIFO:

Date Goods Purchased Cost per # of units unit Cost of Goods Sold Cost per Cost of # of units unit Goods Sold Jan. 01 165 13.00 2145 Jan. 10 Jan. 20 140 12.00 Inventory Balance Cost per Inventory #of units unit | Balance 205 13.00 | 2665 40 13.00 520 40 13.00 520 140 12.00 1680 13.00 455 0 12.00 0 35 13.00 455 310 11.50 3565 345 4020 Jan. 25 35 5 140 13.00 12.00 65 1680 Jan. 30 310 11.50 Total 310 3890