i need the answer quickly 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. For specific identification,ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 unitsfrom beginning inventory.DateJanuary 1January 101January 20January 25SalesPurchaseSalesJanuary 36PurchaseTotalsActivitiesBeginning inventory165 unitsUnits Acquired at Cost$9.00Units sold at Retail$1,485110 units$ 8.00-880125 units125 unitsBP$ 18.00$ 18.00250 units@$7.50-525 units1.875$ 4,240250 unitsAssume the perpetual inventory system is usedRequired: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 FIFO4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFOComplete this question by entering your answers in the tabs below.SpecificIdentificationWeightedAverageFIFOLIFOComplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Specific IdentificationAvailable for SaleCost of Goods SoldEnding InventoryPurchase DateActivityof unitsCost PerUnitof unitssoldCost Per UnitCost ofGoodsSoldEndingInventory.UnitsCost Per UnitEndingInventory-CostJanuary 11January 20January 30Beginning inventory165Purchase110Purchase2505250$00$0SpecificlónAMERAYWeighted Average >

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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Date January 1 Activities Beginning inventory 165 units Units Acquired at Cost $9.00 $1,485 January 10 Sales 125 units $18.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 110 units $8.00- 880 125 units P $18.00 250 units. $7.50- 525 units 1,875 $ 4,240 250 units

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Date January 1 Activities Beginning inventory 165 units Units Acquired at Cost $9.00 $1,485 January 10 Sales 125 units $18.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 110 units $8.00- 880 125 units P $18.00 250 units. $7.50- 525 units 1,875 $ 4,240 250 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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