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.

ONLY THE BOXES WITH BLUE AROUND THEM NEED TO BE SOLVED.

Require Use the following information for the Exercises 3-7 below. (Algo) [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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Units Acquired at Cost 195 units @ $ 12.00 = $ 2,340 155 units @ $ 21.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 120 units @ $ 11.00 = 1,320 135 units $ 21.00 a $ 10.50 = 290 units 605 units 3,045 $ 6,705 290 units Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost 195 January 1 January 20 January 30 Beginning inventory Purchase 120 Purchase 290 605 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance Date Cost per # of units # of units sold Cost per unit Cost of Goods Sold # of units unit Cost per unit Inventory Balance January 1 195 at $ 12.00 = $ 2,340.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Inventory Balance Date Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per # of units # of units unit unit Inventory Balance January 1 195 at $ 12.00 = $ 2,340.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units Date # of units unit Inventory Balance Cost per unit Inventory Balance $ 12.00 = $ 2,340.00 January 1 195 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals