Please show your work how you got the cost per unit, cost of goods sold, and average cost. Having trouble with figuring out the average cost. THANK YOU
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 Units Acquired at Cost 160 units @ $8.50 = $1,360 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 120 units @ $17.50 120 units @ $17.50 100 units @ $7.50 = 220 units @ $7.00 = 480 units 750 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 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 question by entering your answers in the tabs below. 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 Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 120 @ $ 8.50 = $ 1,020.00 January 10 January 20 $ 8.50 = $ 8.50 - $ 8.50 = $ 7.50 = 100 @ $ 7.50 160 @ 40 @ 40 @ 100 @ 140 @ - 20@ 20 @ 220 @ 240 @ $ 1,360.00 $ 340.00 $ 340.00 750.00 $ 1,090.00 Average cost January 25 January 30 120 @ $ 17.50 = $ 2,100.00 220 @ $ 7.00 $ 7.00 = 1,540.00 Totals $ 3,120.00 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requijed 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 Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory unit Balance 160 @ $ 8.50 = $ 1,360.00 January 1 January 10 120 @ $ 8.50 = $ 1,020.00 January 20 100 @ $ 7.50| @ @ $ 8.50 = $ 8.50 $ 7.50 January 25 January 30 Totals Complete this question by entering your answers in the tabs below. 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 per units unit # of Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 160 @ $ 8.50 = $ 1,360.00 January 1 January 10 January 20 January 25 January 30 Totals
