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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. Units sold at Retail Units Acquired at Cost 160 units@ $8.50 = $1,360 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units@ $7.50 = 750 120 units @ $17.50 220 units@ $7.00 = 480 units 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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. Required 1 Required 2 Required 3 Required 4 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 Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase $ 8.50 $ 7.50 $ 7.00 145 95 $ 8.50 $ 7.50 | 160 100 220 | 480 $ 1,233 $ 713 Ending Inventory Ending Cost Ending Inventory- Per Inventory- Units Unit Cost 15 $ 8.50 $ 128 5 $ 7.50 $ 38 220 $ 7.00 $ 1,540 240 $ 1,706 Purchase 240 $ 1,946 Required 1 Required 2 Required 3 Required 4 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: Inventory Balance Goods Purchased # of Cost units per unit Cost of Goods Sold Cost # of units Cost of Goods per sold Date # of units Cost per unit Inventory Balance Sold unit January 1 160 @ 1,360.00 120 @ $8.50 - $1.020.00 January 10 January 20 = $8.50 $ 8.50 $8.50 $ 7.50 L 1 00 @ $7.50 @ @ 100 750.00 $ 750.00 January 25 0 40 80 @ @ $8.50 $7.50 = = $ 340. 00 600.00 $ 940.00 @ @ $8.50 $ 7.50 20 = $ 150.00 $ 150.00 January 30 220 @ $7.00 @ @ @ $ 8.50 $ 7.50 $ 7.00 220 1,540.00 Totals 1,960.00 1,540.00 Required 1 Required 2 Required 3 Required 4 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 Date # of units per Cost of Goods Sold Cost # of units Cost of Goods per sold Inventory Balance Cost Inventory per Balance unit # of units I Sold unit unit January 1 160 @ $ 8.50 1,360.00 January 10 120 @ $8.50 = 1.020.00 $ 8.50 January 20 100 @ $7.50 @ @ $ 8.50 $ 7.50 January 25 20 20 100 January 30 220 @ $7.00 220 @ $ 7.00 = 1,540.00 Totals 1,020.00 1,540.00
