Date 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. Activities Units Acquired at Cost Units sold at Retail Beginning inventory 178 units@ $9.50 = $1,615 Jan. 10 Sales 130 units @ $18.50 Jan. 2e Purchase 120 units@ $8.50 = 1,020 Jan. 25 Sales 138 units @ $18.50 Jan. 3e Purchase 240 units@ $8.00 - 1,920 Totals 530 units $4,555 268 units Jan. 1 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 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 costs assigned to ending inventory and to cost of goods sold using specifiq identification 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this cutestinal Required 1 Required 2 Required 3 Required 4 Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Unit Units Ending Ending Units Purchase Date Activity Unit Cost Cost Per COGS Cost Sold Inventory Units Unit Inventory- Cost Jan 1 Beginning inventory 170 Jan. 20 Purchase 120 Jan. 30 Purchase 240 530 Red Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the costs 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 Inventory Balance # of units Date Cost of Goods Sold # of Cost per Cost of Goods unit Sold sold Cost per unit units Inventory Balance Cost per # of units unit 170 @ $ 9.50 January 1 $1,615 00 January 10 January 20 Average cost January 25 January 30 Totals A Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods Inventory Cost per Date # of units units unit sold Sold unit Balance $ January 1 170 @ $ 9.50 = 1,615.00 January 10 January 20 unit January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per cost of Goods Cost per Date Inventory # of units units unit sold unit Sold unit Balance $ January 1 170 @ $ 9.50 = 1,615.00 January 10 January 20 January 25 January 30 Totals
