Laker Company reported the following January purchases and sakes data for its only product
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. old at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 125 units $18.00 - Activities Jan 1 Beginning inventory Jan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units $8.00 125 units $18.00 $2.50 230 units Sos unit 1 ,725 54, 250 unit The Company uses a perpetual Inventory system. For Speditic identification, ending Inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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. Totals $4,099 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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. Required 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 Specific Identification 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 decimal places) Specific Identification Available for Sale Cost of Goods Sold Ending Unit Ending Inventory Ending Inventory- Inventory. I Unit Units Cost Per Purchase Date Activity Units Units Cost Inventory- Cost COGS Sold Ont Cost COGS Beginning inventory Jan 20 Purchase 165 110 230 505 30 Purchase 0 07 Required 2 > Required information Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal place Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Date # of units Cost per unit units Cost per Cost of Goods Inventory Balance of units Cost per Inventory unit Balance 165 @ S 900 = $ 1,485 00 sold unit Sold January 1 January 10 , January 20 Average cost nuary 25 January 30 Totals Required information 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: Goods Purchased of Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Date Inventory Balance Cost per Inventory of units unit Balance 165 @ S 9.00 - $ 1,485.00 January 1 January 10 January 20 ILL January 25 January 30 Required information Determine the cost assigned to ending inventory and to cost of goods sold using LIF. (Round cost per unit to 2 decimal places.) Perpetual LIFO Goods Purchased of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 165 @ $ 9.00 = $ 1,485.00 January 1 January 10 January 10 MANATA SAHARA January 20 January 25 January 30 Totals
