8.1

Required Information Use the following Information for the Exercises below. [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 Units Acquired at Cost units sold at Retail Jan. 1 Beginning inventory 248 units @ $16.58 - $ 3.968 Jan. 10 Sales 198 units @ $25.56 Jan. 28 Purchase 176 units @ $15.58 - 2.635 Jan. 25 Sales 198 units @ $25.50 Jan. 30 Purchase 380 units - $15.08 - S. 763 Totals 708 units $12, 235 386 units The Company uses a perpetual Inventory system. For specific Identification, ending Inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning Inventory. Exercise 6-3 Perpetual: Inventory costing methods LO P1 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 4 Complete the table to determine the past assigned to ending inventory and cost of unit to 2 am places. 8poolflo Identification Avallable for Bale Cost of Goodt Bold Ending Inventory Purchace Data Aotivity Units Unit Units Ending Ending cort Sold |Unit Gost Inventory Cost For Units Unit inventory- Cool Jan. 1 Beginning Inventory Jan. 20 Purchase 170 Jan. 30 Purchase 380 Required 2 3