Please help me with a Weighted Average, FIFO, and LIFO chart. Thank you HomeworkLaker 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 270 units from the January 30purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.DateJanuary 11January 10January 201January 25.January 30Activities.Beginning inventorySalesPurchaseSalesPurchaseTotalsSpecific IdWeighted.AverageUnits Acquired at Cost@ $ 11.00 =185 unitsFIFO100 unitsLIFO@Saved270 units @555 unitsExercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1Complete this question by entering your answers in the tabs below.$ 10.00 =$9.50 =$ 2,0351,0002,565$ 5,600< Prev 2 of 8Units sold at Retail145 units.125 unitsRequired: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.270 units@@Next >$ 20.00$ 20.00Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

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Description: Please help me with a Weighted Average, FIFO, and LIFO chart. Thank you HomeworkLaker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, end

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 11.00 = $ 10.00 = 185 units 100 units @ 270 units @ 555 units $9.50 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units. 125 units 270 units @ @ $20.00 $ 20.00 Required: 1. Comple 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.

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 11.00 = $ 10.00 = 185 units 100 units @ 270 units @ 555 units $9.50 = Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units. 125 units 270 units @ @ $20.00 $ 20.00 Required: 1. Comple 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.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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