Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units acquired at Cost 240 unitse $16.50 - $ 3,960 190 units @ $25.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 unitse $15.50 - 2,635 190 units @ $25.50 380 unitse $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 costs assigned to ending Inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required information 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identificat 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs 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 the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Units Sold Unit Cost COGS Purchase Date Ending Inventory Ending Ending Inventory. Cost Per Cost Activity Units Unit Cost Units Unit Inventory. Jan. 1 Jan. 20 240 Beginning inventory Purchase Purchase 170 Jan. 30 380 790 Required information Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to Weighted Average - Perpetual: Goods Purchased Date # of Cost per units unit Cost of Goods Sold units Cost per Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 240 @ $ 16.50 - $3,960.00 unit sold January 1 January 10 January 20 Average cost January 25 January 30 Totals Required information Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Inventory Balance Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date # of units Cost per unit Inventory Balance January 1 240 @ $16.50 = 3.960.00 1 January 10 January 20 January 25 III January 30 1 Totals Required 2 Required 4 > Required information Required 1 Required 2 Required 3 Retuired 4 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold #of units Cost per Cost of Goods s old unit Sold Inventory Balance # of units Cost per Inventory Date unit Balance January 1 240 @ $ 16.50 - 3,960,00 January 10 T T January 20 January 25 January 30 Totals
