(Chapters 5&6) 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 Acquired at cost 235 units $16.00 = $ 3,760 Units sold at Retail 185 units @ $25.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units $15.00 = 2,700 200 units @ $25.00 $14.50 - 370 units 785 units 5,365 $11,825 The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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. Sidrieu Announcements - Sph... Chapters 5&6) ACCUELLO Saved Required information Complete this question by entering your answers in the tabs below. 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 decima places.) Specific Identification Available for Sale Cost of Goods Sold Units Unit Cost COGS Purchase Date Ending Inventory Ending Ending Inventory. Cost Per Cost Activity Units Unit Cost Sold Unit Cost COGS Units Unit Inventory Jan 1 Beginning inventory Purchase Jan 20 Jan 30 Purchase Required 2 > #3 (Chapters 5&6) A Seved Required information Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decima 1:31:14 Inventory Balance Weighted Average - Perpetual: Goods Purchased # of Cost per Date units unit of Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance sold January 1 235 $ 16.00 - $ 3.760.00 January 10 January 20 Average cost January 25 January 30 Required information 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 per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Date unit # of units 235 @ Cost per Co unit $ 16.00 = Inventory Balance $ 3,760.00 January 1 January 10 January 20 January 25 January 30 Totals C HOICU HUURMETS - SHL. #3 (Chapters 5&6) Seved Required information 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 Inventory Balance #of Cost per #of units Cost per Cost of Goods # of units Cost per Date Inventory units unit sold unit Sold unit Balance January 1 235 @ $ 16.00 - $ 3,760.00 1:30:49 January 10 January 20 January 25 January 30 Totals Required 3
