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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 225 units @ $15.00 - $ 3,375 Jan. 10 Sales 175 units @ $24.ee Jan. 20 Purchase 180 units@ $14.ee - 2,52e Jan. 25 Sales 210 units @ $24.00 Jan. 30 Purchase 350 units@ $13.50 4,725 Totals 755 units $10,620 385 units The Company uses a perpetual inventory system For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory Required: 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 places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Unit Ending Purchase Date Units Activity Ending Cost Per Units Cost COGS Sold Unit Cost Inventory Unit Inventory Units Cost Disinin S205A 240 6 2100 16.00 125 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost pe Weighted Average - Perpetual: Goods Purchased Inventory Balance #of units Cost per Date Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold Cost per unit #of units unit Inventory Balance January 1 225 @ $ 15.00 = $ 3,375.00 1751 @ January 10 January 20 1801 a $14.00 180 @ $ 14.00 180 @ 2,520.00 $ 2,520.00 Average cost January 25 January 30 210@ 350 $ 13,50 4.725,00 Totals 350 @ $ 13,50 - 3501 Perpetual FIFO: Goods Purchased Inventory Balance Date # of units Cost of Goods Sold # of units Cost of Goods sold unit Sold Cosi per unit Cost per # of units Cost per January 1 Inventory unit Balance $ 15.00 = $ 3,375.00 225 @ January 10 January 20 January 25 January 30 Required information January 10 January 20 January 25 January 30 5 Totals Required information Perpetual LIFO: Goods Purchased fol Date units unit January 1 Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory #of units unil Balance 225 @ $ 15.00 $ 3,375.00 January 10 January 20 January 25 January 30 Required information January 25 January 30 Totals
