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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Required: Units Acquired at Cost 220 units @ $ 14.50 = 170 units @ $ 13.50 = 370 units @ 760 units Units sold at Retail $ 3,190 170 units @ $ 23.50 2,295 200 units @ $ 23.50 $ 13.00 = 4,810 $ 10,295 370 units 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. Date Activities Units Acquired at Cost Units Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 220 $14.50 $3,190.00 January 10 Sales 170 $23.50 $3,995.00 January 20 Purchase 170 $13.50 $2,295.00 January 25 Sales 200 $23.50 $4,700.00 January 30 Purchase Totals 370 760 $13.00 $4,810.00 $10,295.00 370 $8,695.00 For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 Specific Identification Units available 220 units from beginning inventory 170 units purchased on January 20 370 units purchased on January 30 15 5 370 Cost of Goods Sold Ending Inventory Units Cost per unit Total cost Units Cost per Total Cost unit 205 $14.50 $2,972.50 15 $14.50 $217.50 165 $13.50 $2,227.50 -5 $13.50 -$67.50 0 $13.00 $0.00 200 $13.00 $2,600.00 Totals 370 $5,200.00 210 $2,750.00 Activities Units January 01 Beginning inventory Cost per unit 220 $14.50 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Units Acquired at Cost Total Sales Units Sold at Retail Selling price per Total cost Units $3,190.00 January 10 January 20 Sales Purchase 170 $23.50 $3,995.00 170 $13.50 $2,295.00 January 25 Sales 200 $23.50 $4,700.00 January 30 Purchase Totals 370 $13.00 760 $4,810.00 $10,295.00 370 $8,695.00 Weighted Average Units Date Activities Cost of Goods Sold Cost per unit Inventory Balance Cost of goods sold Units Cost per Total Cost unit January 01 Beginning inventory 220 $14.50 $3,190.00 January 10 Sales 170 $14.50 $2,465.00 50 $14.50 $725.00 January 20 Purchase 170 $13.50 $2,295.00 January 25 Sales 200 $23.500 $4,700.00 20 $14.00 $280.00 January 30 Purchase 370 $13.00 $4,810.00 Totals 370 $7,165.00 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 220 $14.50 January 10 Sales 170 $23.50 January 20 Purchase 170 $13.50 January 25 Sales 200 $23.50 January 30 Purchase 370 $13.00 Totals 760 370 Perpetual FIFO Units available 220 units from beginning inventory 170 units purchased on January 20 370 units purchased on January 30 Cost of Goods Sold - Jan 10 Units Cost Cost of per unit goods sold Units Cost of Goods Sold - Jan 25 Cost Cost of per unit goods sold Ending Inventory Units Cost Inventory per unit $14.50 $14.50 $14.50 $13.50 $13.50 $13.50 $13.00 $13.00 $13.00 Totals 0 $0.00 0 $0.00 0 $0.00 A B D E F G H K L 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. Date Activities Units Units Acquired at Cost Cost Total cost per unit Units Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 220 $14.50 January 10 Sales 170 $23.50 January 20 Purchase 170 $13.50 January 25 Sales 200 $23.50 January 30 Purchase 370 $13.00 Totals 760 370 Perpetual LIFO Units available 220 units from beginning inventory 170 units purchased on January 20 370 units purchased on January 30 Cost of Goods Sold - Jan 10 Units Cost Cost of per unit goods sold Units Cost of Goods Sold - Jan 25 Cost Cost of per unit goods sold Ending Inventory Units Cost per unit Inventory $14.50 $14.50 $14.50 $13.50 $13.50 $13.50 $13.00 $13.00 $13.00 Totals 0 $0.00 0 $0.00 0 $0.00