1 Seved of 2 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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Ook Totals Units Acquired at Cost 205 units@ $13.00 = $2,665 140 units@ $12.00 = 1,680 Units sold at Retail 165 units @ $22.00 145 units $22.00 310 unitse $11.50 3,565 655 units $7,910 310 units nt int ences The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory 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. Required 1 Required 3 Required 2 Required 4 Help Save & Ext Submit Check my work Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Prev 1 2 of 6 Next > Homework Required: Saved 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. Required 11 Required 2 Required 3. Required 4 Help Save & Ext Submit Check my work Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Unit Units Purchase Date Activity Units Cost Sold Unit Cost COGS Ending Inventory- Units Ending Inventory Cost Par Unit Ending Inventory Cost Jan. 1 Beginning inventory. 205 $13.00 0 13 $13.00 $ 160 ces Jan. 201 Purchase 140 Jan. 30 Purchase 310 $ 0 13 $ 160 655 Required 2> Previ 1 2 of 6 Next > 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. of 2 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. Required 1 Required 2 Required 3 Required 4 look Hint Help Save & Exit 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: Goods Purchased Cost of Goods Sold Inventory Balance Date: #of units Print Cost per unit #of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 11 205 @ $ 13.00 $ 2,665.00 erences January 10 January 20 Average cost January 25 January 30 Totals Check m Part 1 of 2 Required information Complete this question by entering your answers in the tabs below. 10 Required 1 Required 2 Required 3 Required 4 points Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: eBook Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold of units Inventory Balance Cost per unit Inventory Balance ! Hint January 11 205 @ $ 13.00- $2,665.00 January 101 Print January 201 References January 25 Mc Graw Hill January 30 Totals Part 1 of 2 Required information Complete this question by entering your answers in the tabs below. 10 Required 1 Required 2 Required 3 Required 4 points eBook. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units Cost per Cost of Goods # of units sold unit Sold Inventory Balance Cost per unit Inventory Balance 205 $13.00= $ 2,665.00 Hint Print January 1 January 10 January 201 References Mc Graw Hill January 25 January 30 Totals Chapter 5 Homework 2 Part 2 of 2 eztomheducation.com Sever Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 140 units@ $12.00 - 1,688 145 units @ $22.00 Totals 310 units@ $11.50 655 units 3,565 $7,910 310 units Help 10 points eBook Hint The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,900 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Print Sales Cost of goods sold Specific Identification Weighted Average FIFO LIFO Gross profit 0 0 0 0 References Expenses Income before taxes 0 0 0 Income tax expense Net income $ 0 $ 0 $ 0 $ 0 2. Which method yields the highest net income? Next > Save & Exit Chuck my