Please answer the questions below with explanations. there are three parts:

PART 1

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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 165 units@ $9.00 = $1, 485 Jan. 10 Sales 125 units @ $18.00 Jan. 20 Purchase 110 units@ $8.00 = 880 Jan. 25 Sales 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 = 1, 725 Totals 505 units $4 , 090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 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 cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Ending Activity Units Unit Units Purchase Date Sold Unit Cost COGS Inventory- Inventory- Cost Units Unit Cost Jan. 1 Beginning inventory 165 Jan. 20 Purchase 110 Jan. 30 Purchase 230 505\fRequired 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 # of Date Cost per Cost per Cost of Goods Inventory unit unit Sold # of units Cost per units units unit Balance sold January 1 165 @ $ 9.00 $ 1,485.00 January 10 January 20 Average cost January 25 January 30 TotalsRequired 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 Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods # of units Cost per Inventory units unit sold unit Sold unit Balance January 1 165 @ $ 9.00 $ 1,485.00 January 10 January 20 January 25 January 30 TotalsRequired 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 Inventory Balance Date # of Cost per # of units Cost per Cost of Goods # of units Cost per Inventory units unit sold unit Sold unit Balance January 1 165 @ $ 9.00 $ 1,485.00 January 10 January 20 January 25 January 30 TotalsRequired information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 165 units@ $9.00 = $1,485 Jan. 10 Sales 125 units 6 $18.00 Jan. 20 Purchase 110 units@ $8.00 = 880 Jan. 25 Sales 125 units 6 $18.00 Jan. 30 Purchase 230 unitse $7.50 = 1,725 Totals 505 units $4,090 250 units I The Company uses a perpetual inventory system. For specific identication, ending inventory consists of 255 units, where 230 are from the January 30 purchase. 5 are from the January 20 purchase, and 20 are from beginning inventory. Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,500 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) Cost of goods sold Gross prot m Income before taxes Income tax expense Net income 2. Which method yields the highest net income? O LIFO O Weighted average O FIFO O Specific identification 3. Does net income using weighted average fall between that using FIFO and LIFO? O Yes O No 4. If costs were rising instead of falling, which method would yield the highest net income? O Specific identification O LIFO O Weighted average O FIFO1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. Inventory costing methods - Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri - 11 AA Paste BIU - - > . A - Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles Al v X V fxc Better Bottles, Inc., uses a periodic inventory system and has the following A B C D E Better Bottles, Inc., uses a periodic inventory system and has the following information available: - WN Description # of Units Cost per Unit Total Cost Beginning Inventory 20 $ 20.00 $ 400.00 Jan. 15 Purchase 27 22.00 594.00 6 Jan. 20 Purchase 33 30.00 90.00 7 Goods Available for Sale $ 1,984.00 8 Less: January Sales 36 9 Ending Inventory 44 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 44 201. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. Inventory costing methods - Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri - 11 A A % BIU- Alignment Number Conditional Format as Cell Paste Cells Editing Formatting * Table Styles Clipboard Font Styles A4 X V Beginning Inventory A B C D E 21 FIFO Cost of Goods Sold 22 Description # of Units Cost per Unit Total Cost 23 Beginning Inventory 24 Jan. 15 Purchase 25 36 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory 30 Description # of Units Cost per Unit Total Cost 31 Beginning Inventory 32 Jan. 15 Purchase 33 44 34 35 LIFO Cost of Goods Sold 36 Description # of Units Cost per Unit Total Cost 37 Jan. 20 Purchase 38 Jan. 15 Purchase 39 36 40 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 43XI H 5 - 9. Inventory costing methods - Excel ? - FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri - 11 - A A % Paste BIU- - - A . Alignment Number Conditional Format as Cell Cells Editing Formatting * Table Styles Clipboard Font F Styles A A6 V X V Jan. 20 Purchase A B C D E 44 45 Weighted Cost of Goods Available for Sale 46 Average Cost = Number of Units Available for Sale per unit 47 48 Weighted Average Ending Inventory 49 # of Units Cost per Unit Total Cost 50 51 52 Weighted Average Cost of Goods Sold 53 # of Units Cost per Unit Total Cost 54 55 56 4) Use the given information and your calculated numbers to complete the Cost of Goods Sold 57 Equation below for all three inventory methods. (All numbers should be positive.) 58 FIFO LIFO Wtd. Avg. 59 Beginning Inventory 60 Add: Purchases 61 Goods Available for Sale 62 Less: Ending Inventory 63 Cost of Goods Sold 64 65 66 67 Sheet1 +