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ises and Problems Seved Required information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales
ises and Problems Seved 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase. 5 units from the January 20 purchase, and 25 units from beginning inventory Activities Beginning inventory Sales Date January 1 January 10 January 201 January 251 January 30 Purchase Totals Purchase Sales Units Acquired at Cost 235 units @ $ 16.00 - 180 units @ $ 15.00- $ 3,760 Units sold at Retail, 185 units 18 $ 25.00 2,700 200 units e $25.00 385 units 800 units $ 13.00 5,005 $ 11,465 385 units 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. Weighted Specific Id FIFO LIFO Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale: Cost of Goods Sold Purchase Date Activity of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Units Ending Inventory Cost Per Unit Inventory Cost Ending January 11 January 201 Beginning inventory Purchase 235 100 January 30 Purchase 385 000 Weighted Average >
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