O 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 Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units@ $5.00 - 300 Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units @ $4.50 810 Totals 380 units 51,950 180 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 minatharnet accinned to ending inventory and to cost of goods sold using weighted average. 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. 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 places) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Cost Per Inventory Unit Inventory Units Cost Units Sold COGS Unit Cost Unit Cost Units Purchase Date Activity 140 60 Jan 1 Jan 20 Jan 30 Beginning inventory Purchase Purchase 180 Required 1 Required 2 Required 3 Required 4 Cost per Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 de Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of # of Cost per Cost of Goods Cost per Inventory Dato # of units units units unit unit Sold unit Balance sold January 1 140 @ $ 6.00 = $ 840.00 January 10 January 20 Average cost January 25 January 30 Totals 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 140 @ $ 6.00 = $ 840.00 January 1 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 140 @ $ 6.00 = $ 840.00 sold January 1 January 10 January 20 January 25 January 30
