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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
A2 fx Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 1 system 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|l|}{3} \\ \hline 4 & Date & Activities & \multicolumn{3}{|c|}{ Units Acquired at Cost } & \multicolumn{3}{|c|}{ Units sold at Retail } \\ \hline 5 & & & Units & \begin{tabular}{c} Cost \\ per unit \end{tabular} & Total cost & Units & \begin{tabular}{c} Selling \\ price per \\ unit \end{tabular} & Total Sales \\ \hline 6 & January 01 & Beginning inventory & 140 & $6.00 & $840 & & & \\ \hline 7 & January 10 & Sales & & & & 100 & $15.00 & $1,500 \\ \hline 8 & January 20 & Purchase & 60 & $5.00 & 300 & & & \\ \hline 9 & January 25 & Sales & & & & 80 & $15.00 & $1,200 \\ \hline 10 & January 30 & Purchase & 180 & $4.50 & 810 & & & \\ \hline 11 & & Totals & 380 & & $1,950 & 180 & & $2,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline Perpetual FIFO & Cost of & joods Sol & Id - Jan 10 & Cost of & joods Sol & Id - Jan 25 & Enc & ling Inver & tory \\ \hline Units available & Units & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{c} Cost of \\ goods sold \end{tabular} & Units & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{c} Cost of \\ goods sold \end{tabular} & Units & \begin{tabular}{c} Cost \\ per unit \end{tabular} & Inventory \\ \hline 140 units from beginning inventory & & $6.00 & & & $6.00 & & & $6.00 & \\ \hline 60 units purchased on January 20 & & $5.00 & & & $5.00 & & & $5.00 & \\ \hline 180 units purchased on January 30 & & $4.50 & & & $4.50 & & & $4.50 & \\ \hline Totals & 0 & & $0.00 & 0 & & $0.00 & 0 & & $0.00 \\ \hline \end{tabular} 19 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. 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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. 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. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect
