Can you please help me solve the parts that are marked incorrect ? Thanks. Required informationE of 3[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 aperpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.Units Acquired at Cost$ 6.00 =DateActivitiesUnits sold at RetailBeginning inventory140 units$ 840January 1January 10January 20January 25January 30Sales100 units@ $ 15Purchase60 units$ 5.00 =300Sales80 units@ $ 15Purchase180 units$ 4.50 =810Totals380 units$ 1,950180 unitsThe Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to endinginventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (d) LIFO.X Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.WeightedAverageSpecific IdFIFOLIFODetermine the cost assigned to ending inventory and to cost of goods sold using LIFO.d) Periodic LIFOCost of Goods Available forCost of Goods SoldEnding InventorySaleCost of# ofunits# of unitsin endinginventoryCostCostCost ofGoodsCost# ofunitsGoodsperunitperunitperunitEndingInventoryAvailablesoldSoldfor Sale$6.00Beginning inventory1406.00$840100 X $ 6.00600140 O$840Purchases:January 2060 X $ 5.00$60 O605.003003003005.00January 3020 X $ 4.50$45 X4.501804.5081090203Total380$1,950180$9902451,343< FIFOLIFO

Activities Units Acquired at Cost e $ 6.00 = Date Units sold at Retail $ 840 January 1 January 10 January 20 January 25 January 30 Beginning inventory 140 units Sales 100 units e $ 15 Purchase 60 units e $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units e $ 4.50 = 810 Totals 380 units $ 1,950 180 units ompany uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the Janua se, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending ory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

Activities Units Acquired at Cost e $ 6.00 = Date Units sold at Retail $ 840 January 1 January 10 January 20 January 25 January 30 Beginning inventory 140 units Sales 100 units e $ 15 Purchase 60 units e $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units e $ 4.50 = 810 Totals 380 units $ 1,950 180 units ompany uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the Janua se, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending ory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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