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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory.PART ONEPART TWOPART THREEPART FOUR

! Required information (The following information applies to the questions displayed below.] 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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Units sold at Retail Units Acquired at Cost 155 units @ $ 8.00 = $ 1,240 115 units @ $ 17.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase 90 units @ $ 7.00 = 630 95 units @ $ 17.00 210 units @ $ 6.50 = 1,365 $ 3,235 Totals 455 units 210 units 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 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 Ending Inventory- Cost Beginning inventory 155 $ 8.00 125 8.00 $ 1,000 $ 8.00 $ 240 January 1 January 20 January 30 Purchase 90 $ 7.00 85 $ 7.00 595 5 181310 $ 7.00 35 $ Purchase 210 $ 6.50 0 210 $ $ 6.50 1,365 1,640 455 210 $ 1,595 245 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 155 at $ 8.00 = $ 1,240.00 January 10 115 at $ 8.00] = $ 920.00 401 at $ 8.000 = $ $ 320.00 90 at $ 7.00 40 at 8.00 = $ 320.00 January 20 $ $ 90 at 7.00 = 630.00 Average cost January 20 130 at $ 950.00 January 25 95 at 210 at $ 6.50 January 30 210 at $ 6.50 = 1,365.00 Totals $ 920.00 210 at Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost per Cost per # of units sold # of units Inventory Balance Cost per Inventory Balance unit Cost of Goods Sold # of units unit unit January 1 155 at $ 8.00 = 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Date Cost per Cost per # of units # of units unit unit Inventory Balance January 1 155 at $ 8.00 = $ 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals