muniti Exam 1 chapters 1:3x × esolved. This serial p eChegg Study | Guid x x Un

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muniti Exam 1 chapters 1:3x × esolved. This serial p eChegg Study | Guid x x Un https%3A%2F%2Fconnectmhe and what was marked correct and inco https://newconnect.mheducation.com/flow/connect.html?returnUrl This window shows your responses The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product ts Acquired st Cost: hits sold at RetiE 3an. 1 Beginning inventory 205 units $13.09- $2, an. 1e sales an. 20 Purchase an- 25 sales an 30 Purchase 165 units# $22.00 ed 140 units @ Si2.“. 1,680 145 units $22.0 23e units@$11.58-3565 655 units Totals 7,916 310 units Required: The Company uses a periodic inventory system. For specific identification the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory Determine the cost assigned to ending inventory and to cost of goods sold using ( specific identification weighted average, td FIFO, and (d LFO ending inventory consists of 345 units, where 310 are from Complete this question by entering your answers in the tabs below weighted FIFCo Specific ld Weighted LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO FIFO Cost of Goods Sold Ending Inventory Cost of Goods Fol Cost Costot |#ofunits Cost E of Goods in ending per Ending unit Availableunits Beginning inventory 205 13 00 2.665 206 13 00 2 665 40 12 00 35 11 50 Jan 20 140 12 00 310 11.50 655 1,680 3.565 7.910 480 403 3 548 Jan 30 Weighted Average here to search

Explanation / Answer

FIFO Cost of goods available for sale Cost of goods sold Ending Inventory # of units Unit cost Total # of units Unit cost Total # of units Unit cost Total Beg. Inv. 205 13 2665 205 13 2665 Purchases 20-Jan 140 12 1680 105 12 1260 35 12 420 30-Jan 310 11.5 3565 310 11.5 3565 655 7910 310 3925 345 3985

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