Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units @ $19.50 Units Acquired at Cost 180 units@ $10.50 = $1,890 110 units@ $ 9.50 = 1,845 260 units@ $ 9.00 = 2,340 550 units $5,275 130 units @ $19.50 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 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 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 ing 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 weighted average. (Round cos Weighted Average - Perpetual: Goods Purchased Date # of units Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance unit January 1 January 10 January 20 180 @ $ 10.50 = 1401 @ $ 19.50 $1,890.00 $2,730.00 0 1101 @ $ 9.50 $ 10.50 o @ $ 10,50 110 @ $ 9.50 = Average cost January 25 January 30 110 @ 1,045.00 $1,045,00 1301 $ 19.50 $2,535,00 0 260 @ $ 9.00 Totals 0 260 @ $ 9.00 260 @ $ 9.00 $5,265.00 2,340.00 omplete 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 Purchased Date #of units Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold unit January 1 Inventory Balance # of units Cost per Inventory unit Balance 180 @ $10.50 = 1,890.00 January 10 January 20 1401 $19.50 2.730.00 401 $10.50 = $ 420.00 110 $ 9.50 @ $ 10.50 $ 9.50 @ January 25 January 30 260 @ $ 9.00 $ 9.00 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Date Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per cost of Goods sold unit Sold January 1 Inventory Balance # of units Inventory unit Balance 180 @ $10.50 = $ 1,890.00 Cost per January 10 January 20 140 @ $19.50 1101 @ $ 2,730.00 $ 9.50 40 @ $ 10.50 = $ 420.00 @ $ 10.50 $ 9.50 January 25 @ 130 January 30 260 $ 9.00 Totale $ 9.00
