Laker Company reported the following January purchases and sales data for its only product Units Acquired at Cost 155 units @ $8.00 $1,200 Units sold at Retail Dato Activities Jan. 1 Beginning inventory Jan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 18 Purchase Totals 115 units @ $17.00 90 units@ $7.00 = 630 95 units @ $17.00 210 units $6.50 455 units 1,365 $3,235 210 units The Company uses a perpetual Inventory system. For specific Identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase 5 are from the January 20 purchase, and 30 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. 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. Regured 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 (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Purchase Date Cost of Goods Sold Units Sold Unit Cost COGS Activity Unit Cost Units Ending Inventory Ending Cost Per Ending Inventory. Inventory Units Unit Cost Jan 1 Jan 20 Jan 30 Beginning inventory Purchase Purchase 155 S 800 903 7.00 2105 050 455 $ 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 Cost of Goods Sold Inventory Balance Date W of units Cost per unit #of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 1550 $ 8001 - $ 1240.00 January 10 January 20 Average cost January 25 January 30 Total Required 1 Required 2 Required 3 Required 4 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 # of units sold Cost per Cost per unit Cost of Goods Sold unit Inventory Balance # of units Inventory unit Balance 155 $ 8.00 $ 1240.00 January 1 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO Date Goods Purchased #of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory #of units unit Balance January 1 155 $ 800 $ 1240 00 January 10 January 20 January 25 January 30 Totals
