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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification,
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 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory 165 unite January 10 Sales anuary 20 anuary 25 Purchase Sales 110 units . Units Acquired at Cost $9.00- $ 8.00- Unite bold at Retail $1.485 125 unite 9 $18.00 880 125 $ 18.00 January 30 Purchase Totals 250 units 525 units $7.50 1.075 $ 4,240 250 unit 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. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity of units Cost Per Unit of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit January 1 January 20 Beginning inventory 165 $ 9.00 145 $ 9.00 $ 1.305 Ending Inventory Cost 20 $ 9.00 $ 180 Purchase 110 $ 8.00 January 30 Purchase 250 $ 7.50 525 145 $ 1.305 20 $ 180
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