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 places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Ending Inventory: Inventory Units Cast Units Unit Cost Units Sold Unit Cost COGS Purchase Date Activity Unit Jan. 1 Jan 20 Jan 30 185 100 Beginning inventory Purchase Purchase 270 555 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 185 units@ $11.00 $2,035 145 units @ $20.80 100 units@ $10.00 = 1,000 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 125 units @ $20.00 270 units@ $ 9.50 - 2,565 555 units $5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. 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 Date # of units Cost per unit Cost of Goods Sold Cost per cost of Goods unit Sold #of units sold Inventory Balance Cost per of units Inventory unit Balance January 1 185 @ $ 11.00 - $ 2,035.00 January 10 January 20 Average cost January 25 January 30 Totals Perpetual FIFO Goods Purchased Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance 185 @ $ 11.00 - $ 2,035.00 # of units Date unit 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 sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 185 $ 11,00 $ 2,035.00 Date January 1 January 10 January 20 January 25 January 30 Totals
