Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 155 units @ $8.00 $1,240 Units sold at Retail 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 630 95 units @ $17.00 210 units @ $6.50 = 1, 365 $3,235 455 units 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. 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 Purchase Date Activity Units Unit Cost Units Unit 155 Jan. 1 Jan. 20 Beginning inventory Purchase Purchase Cost of Goods Sold Ending Inventory Units Ending Cost Per Ending Unit Cost Sold COGS Inventory- Inventory Cost 1240 $ 8.00 $ 9,920 245 $ 8.00 $ 1,960 630 $ 7.00 $ 4.410 245 $ 7.00 $ 1,715 13650 $ 6.50 $ 8,873 245| $ 6.50 $ 1,593 3,235 $ 23,203 735 5,268 $ 8.00 $ 7.00 $ 6.50 90 Jan. 30 210 455 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 # of Cost per Cost per Date # of units sold units # of units Inventory Balance Cost per Cost of Goods unit Sold unit unit January 1 155 @ $ 8.00 $1,240.00 January 10 January 20 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 Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance $ 155 @ $ 8.00 = 1,240.00 January 1 January 10 January 20 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 LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance $ 155 @ $ 8.00 = 1,240.00 January 1 January 10 January 20 January 25 January 30 Totals
