FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
A ezto.mheducation.co ter 5 Homework A Saved Help Sa Required information of 4 Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Cost per Cost of Goods unit Inventory Balance Date Cost per unit # of units # of units Cost per unit # of units Inventory Balance sold Sold January 1 190 $ 7.00 = $ Вook at 1,330.00 January 10 Hint January 20 Print Total January 20 January 25 erences Total January 25 January 30 Totals < FIFO LIFO %24 < Prev 1 2 3 4 of 8 Next > MacBook Air DD F10 F2 F3 F5 F6 F7 FB #3 3 @ 2$ % & 2 4 W E R Y U S J K * 00
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Transcribed Image Text:A ezto.mheducation.co ter 5 Homework A Saved Help Sa Required information of 4 Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Cost per Cost of Goods unit Inventory Balance Date Cost per unit # of units # of units Cost per unit # of units Inventory Balance sold Sold January 1 190 $ 7.00 = $ Вook at 1,330.00 January 10 Hint January 20 Print Total January 20 January 25 erences Total January 25 January 30 Totals < FIFO LIFO %24 < Prev 1 2 3 4 of 8 Next > MacBook Air DD F10 F2 F3 F5 F6 F7 FB #3 3 @ 2$ % & 2 4 W E R Y U S J K * 00
A ezto.mheducation.com mework A Saved Help 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 190 units @ Units sold at Retail Beginning inventory Sales Purchase Sales Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 130 units $ 16.00 280 units @ 1,540 $ 3,530 $ 5.50 = Totals 580 units 280 units Required: 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. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Prev 1 2 3 4 of 8 Next > MacBook Air 80 DD F2 F3 F4 F5 F6 F7 FB F9 F10 #3 $ & 4. 5 6 7 8 E Y * 00
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Transcribed Image Text:A ezto.mheducation.com mework A Saved Help 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 190 units @ Units sold at Retail Beginning inventory Sales Purchase Sales Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 130 units $ 16.00 280 units @ 1,540 $ 3,530 $ 5.50 = Totals 580 units 280 units Required: 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. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Prev 1 2 3 4 of 8 Next > MacBook Air 80 DD F2 F3 F4 F5 F6 F7 FB F9 F10 #3 $ & 4. 5 6 7 8 E Y * 00
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