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 Specific Identification Data January 20 purchase, and 15 units from beginning inventory. 180 5 15 Date Activities Units Acquired at Cost Units sold at Retail 1-Jan 10-Jan Beginning inventory Sales 140 units $6.00 $840 100 units $15 20-Jan Purchase 60 units $5.00 300 25-Jan Sales 80 units $15 30-Jan Purchase 180 units @ $4.50 810 Totals 380 units $1,950 180 units 12 13 A B D E F G H 1 Totals: 380 units. $1,950 14 Required: 15 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 180 units J K 16 17 (Use cells A2 to L12 from the given information to complete this question.) 18 19 20 Specific Identification Available for Sale Cost of Goods Sold Ending Inventory # of Cost Per # of units Cost Per 222222 21 Purchase Date 1-Jan Activity Beginning inventory units Unit sold Unit COGS Ending Inventory- Units Cost Per Ending Inventory- Unit Cost 140 $6.00 $6.00 $6.00 23 20-Jan Purchase 60 $5.00 $5.00 $5.00 24 30-Jan Purchase 180 $4.50 $4.50 $4.50 25 380 26 201 27 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 281 29 (Use cells A2 to L12 from the given information to complete this question.) M N 30 31 32 Goods Purchased Weighted Average - Perpetual: Cost of Goods Sold Cost per 33 Date # of units unit of units sold Cost per unit Inventory Balance Cost per Cost of Goods Sold #of units unit Inventory Balance 34 1-Jan 140 at 56.00 36 10-lan at at $6.00 45 30 20-Jan 39 40 Average cost January 20 42 25-Jan 44 30-Jan 46 Totals at at at at at at at at 50.00 at at 47 K L M N 54 67 69 30-Jan 70 Totals 8 S5236382F 48 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 49 50 (Use cells A2 to L12 from the given information to complete this question.) 51 52 53 Goods Purchased Cost per Perpetual FIFO: Cost of Goods Sold Cost per Date: Inventory Balance Cost per # of units unit W of units sold unit Cost of Goods Sold #of units unit Inventory Balance 55 1-Jan 57 10-Jan 59 60 20-Jan 61 Total January 20 64 25-Jan 140 at 56.00 at $6.00 at $6.00 60 at $5.00 ot $6.00 at $5.00 at $6.00 at 56.00 at $5.00 at 55.00 65 Total January 25 180 @ $4.50 at 56.00 at $5.00 at $4.50 72 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO 73 74 (Use cells A2 to L12 from the given information to complete this question.) 1-Jan 81 10-Jan 91 92 SAAREER PRIE BESSERE 75 76 27 78 04 20-lan 07 Perpetual UFO Goods Purchased Cost of Goods Sold Cost per Cost per Date # of units unit # of units sold unit Cost of Goods Sold of units unit Inventory Balance Cost per Inventory Balance 140 at 56.00 at 56.00 at 56.00 60 at $5.00 at 56.00 at $5.00 Total January 20 25-lan 09 Total January 25 100 at $4.50 93 30 Jan 94 Totals A Readed Workchat a $6.00 at $6.00 at $5.00 at $5.00 D $6.00 at $5.00 $4.50