Need the correct answers to the ones that are wrong please
Required information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Jan. 100 units @ $ 15 Date Activities Units Acquired at Cost 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $1,950 80 units @ $ 15 180 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 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. 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. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Unit Cost Units Ending Inventory Ending Cost Ending Inventory- Per Inventory- Units Unit Cost Units Sold Unit Cost COGS Jan. 1 140 $6.00 125$ 6.00 $ 750 15$ 6.00 $ 90 Beginning inventory Purchase Jan. 20 60 $ 5.00 55 $ 5.00 275 5 $ 5.00 25 Jan. 30 Purchase 180 $ 4.50 0 180 $ 4.50 810 380 180 $ 1,025 200 $ 925 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 Date units per unit January 1 Cost of Goods Sold Cost # of units Cost of Goods per sold unit Inventory Balance Cost Inventory # of units Balance unit Sold per 140 $ 6.00 $840.00 January 10 100 $ 6.00 = $ 600.00 40 @ $ 6.00 > $240.00 January 20 60 @ $ 5.00 40 $ 6.00 $240.00 60 $ 5.00 300.00 $540.00 Average cost 100 $ 5.40 > January 25 80 @ $ 5.40 $ 432.00 20 $ 5.40 $108.00 January 30 180 @ $ 4.50 20 @ $ 5.40 $108.00 180 @ $ 4.50 810.00 Totals $ 1,032.00 200 $ 4.59 $918.00 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 units per unit Cost of Goods Sold Cost # of units Cost of Goods sold per Sold unit Inventory Balance Cost # of units Inventory per Balance unit Date January 1 140 @ $ 6.00 $ 840.00 January 10 100 @ $ 6.00 > = $ 600.00 40 @ $ 6.00 $ 240.00 January 20 60 > @ $ 5.00 40 @ $ 6.00 $ 240.00 60 @ $ 5.00 300.00 $ 540.00 January 25 40 $ 6.00 $ 240.00 20 X @ $ 6.00 $ 120.00 40 @ $ 5.00 200.00 20 $ 5.00 $ 100.00 $ 440.00 $ 220.00 January 30 180 @ $ 4.50 20 X @ $ 6.00 $ 120.00 180 Xl @ $ 5.00 900.00 20 X @ $ 4.50 90.00 $ 1,110.00 Totals $1,040.00 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: Goods Purchased Cost of Goods Sold Cost Cost # of units Date Inventory Balance Cost Inventory # of units per Balance unit # of units sold per unit Cost of Goods Sold per unit January 1 140 @ $ 6.00 $ 840.00 January 10 100 $ 6.00 = $ 600.00 40 $ 6.00 $ 240.00 January 20 60 > @ $ 5.00 40 @ $ 6.00 $ 240.00 60 @ $ 5.00 300.00 $ 540.00 January 25 20 @ $ 6.00 = $ 120.00 0 @ $ 6.00 . 60 $ 5.00 300.00 20 @ $ 5.00 $ 100.00 $ 420.00 $ 100.00 January 30 180 @ $ 4.50 20 @ $ 6.00 $ 120.00 180 X @ $ 5.00 900.00 0X @ $ 4.50 Totals $ 1,020.00 1,020.00
