Connect e Accounting question l Chegg L My Drive-Google Drive Alexis × c secure

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Connect e Accounting question l Chegg L My Drive-Google Drive Alexis × c secure https://newconnect.mheducation.com/flow/connect.html CHAPTER 5 HOMEWORK Seved Help Save & Exit Submit Check my work 4 Required information [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Part 1 of2 10 points Date Activities Units Acquired at Cost Units sold at Retail Beginning inventory Jan. 1 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 175 units $10.00-$1,750 130 units $ 9.00= 1,170 275 units $8.00= 2,200 135 units $19.00 eBook 140 units $19.00 Hint Totals 580 units $5,120 275 units Print Required The Company uses a periodic inventory system. For specific identification, ending inventory consists of 305 units, where 275 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this questions by entering your answers in the below tabs Specific Id Weighted Average FIFO LIFO Mc Graw Hill Prev 5 of 13 Next >

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Specific Indentification DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 175 10 1750 150 10 1500 25 10 250 Purchase 20-Jan 130 9 1170 125 9 1125 5 9 45 30-Jan 275 8 2200 275 8 2200 Total 580 5120 275 2625 305 2495 Weighted Average DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 175 10 1750 Purchase 20-Jan 130 9 1170 30-Jan 275 8 2200 Total 580 8.83 5120 275 8.83 2428.25 305 8.83 2693.15 Average cost per unit = 5120 /580 = $ 8.83 per unit FIFO DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 175 10 1750 175 10 1750 Purchase 20-Jan 130 9 1170 100 9 900 30 9 270 30-Jan 275 8 2200 275 8 2200 Total 580 5120 275 2650 305 2470

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