Really not undertsanding LIFO, thank you ahead of time Required informationUse the following information for the Exercises 3-7 below. (Algo)[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 300 units from the January 30purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.ActivitiesUnits Acquired at Cost200 units @ $ 12.50 =DateUnits sold at Retail$ 2,500January 1January 10January 20January 25January 30Beginning inventorySalesPurchaseSalesPurchase160 units$ 21.50130 units @ $ 11.50 =1,495140 units@$ 21.50300 units @ $ 11.00 =3,300$ 7,295Totals630 units300 units 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.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.Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory BalanceDate# of unitssoldCostCostCost of GoodsSoldCost# of units# of unitsInventory Balanceper unitper unitper unitJanuary 1200 at$ 12.50 =$2,500.00January 10January 20Total January 20January 25Total January 25January 30Totals

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Description: Really not undertsanding LIFO, thank you ahead of time Required informationUse the following information for the Exercises 3-7 below. (Algo)[The following information applies to the questions displayed below.]Laker Company reported the following Janu

Value of ending inventory Under FIFO method using periodic inventory system, Value of ending…

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Use the following information for the Exercises 3-7 below. (Algo) [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 a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 200 units @ $ 12.50 = Units sold at Retail $ 2,500 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units

Use the following information for the Exercises 3-7 below. (Algo) [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 a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 200 units @ $ 12.50 = Units sold at Retail $ 2,500 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1OYO

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