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Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase
Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 3e Purchase Activities Units Acquired at Cost 180 units @ $10.50 $1,898 118 units 9.51,845 268 units $ 9.2,348 Units sold at Retail 148 units$19.5e 138 units $19.58 Totals 558 units $5,275 278 units The Company uses a perpetual Inventory system. For specific Identification, ending Inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory Exercise 6-3 Perpetual: Inventory costing methods LO P1 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 questions by entering your answers in the below tabs. Required 1 Required 2 Required 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO oods Purchase #of units Cost per | unit # of units sold | Cost per unit Cost of Goods Sold # of units | Cost per Inventory Balance $10.50|# | January1 January 10 January 20 1.890.00 January 25 January 30 Totals
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