Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 230 units@ $15.50 = $ 3,565 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 190 units@ $14.50 = 2,755 180 units @ $24.50 228 units @ $24.50 360 units@ $14.08 780 units 5 , 040 $11, 360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 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 questions by entering your answers in the below tabs. 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. Specific Identification Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory. Cost Per Inventory Cost Purchase Date Units Activity Units Sold Unit Cost Unit Cost COGS Units Unit Jan Beginning inventory Purchase Purchase IS Jan 20 Required 2 Complete this questions by entering your answers in the 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 decim Goods Purchased Cost of Goods Sold Inventory Balance # of of Cost per cost of Goods Date Cosper UTRE Cost per #of units Inventory units sold unit Sold Balance 230 $ 15.50 - $3,565.00 January 1 January 10 January 20 T TTT Average cost January 25 January 30 Totals Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purcha d #of Cost per units unit e Cost of Goods Sold # of units Cost per Cost of Goods sold unit Date p Sold Inventory Balance unite Cost per Inventory unit Balance 230 $15.50 - 3,565.00 January 1 January 20 TTTTTT January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO MES Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods of unite Cost per Inventory units unit sold unit Sold unit Balance January 1 230 @ $15.50 - 3,565.00 Date January 201 January 30 L Totals
