rs 135 O You received partial credit in the previous Laker Company reported the

Question

rs 135 O You received partial credit in the previous Laker Company reported the tollowing January purchases and sales data for its only product ts@$23.se. 2.295 Required The Company uses a penodic inventory system For specific identfication ending inventory consists of 390 unts, where 340 are fror he January 30 purchase, 5 are ftrom the January 20 purchase and 45 are from beginning inventory Determine the cost assigned to ending inventory and to cost of goods sold using l4 specitic idertification. 0 weighted average 1d FIFO, and id UFO Complete this question by entering your anvewers in the tebs below.

Explanation / Answer

Average cost = 9905/730= $13.57 Weighted average Cost of goods available for sale Cost of goods sold Ending Inventory Units Unit cost Total Units Unit cost Total Units Unit cost Total Beg. Inv. 220 14.5 3190 20-Jan 170 13.5 2295 20-Jan 340 13 4420 730 9905 340 13.57 4614 390 13.57 5292

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