Laker Company reported the following January purchases and sales data for its only product Units Acquired at Cost 240 units@ $16.50 = $ 3,968 Units sold at Retail 190 units @ $25.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units@ $15.50 - 2,635 190 units @ $25.50 380 units $15.00 790 units 5,700 $12,295 380 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 410 units, where 380 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. 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. Required 1 Required 2 Required 3 Required 4 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Roum places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory- Unit Inventory Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan 1 240 Beginning inventory Purchase 170 Jan. 20 Jan. 30 Purchase 380 790 $ 0 0 0 0 s Required 2 > Required 1 Required 2 Required 3 Required 4 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: Goods Purchased Date Cost per # of units Cost of Goods Sold Cost per Cost of Goods unit Sold #of units sold Inventory Balance # of units Cost per Inventory unit Balance unit January 1 240 @ $ 16.50 $ 3.960.00 January 10 January 20 Average cost January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit Inventory Balance # of units Cost per Inventory unit Balance 240 $16.50 = $ 3,960.00 January 1 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal pla Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per # of units Inventory unit Balance Date January 1 240 @ $ 16.50 = $ 3,960 00 January 10 January 20 January 25 January 30
