! 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 140 units Units Acquired at Cost @ $ 6.00 = Units sold at Retail $ 840 100 units @ $ 15 60 units @ $ 5.00 = 300 80 units @ $ 15 180 units 380 units $ 4.50 = 810 $ 1,950 180 units 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. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost January 1 Beginning inventory 140 January 20 Purchase 60 January 30 Purchase 180 380 < Specific Id Weighted Average > 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. The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Activities Date January 1 January 10 January 20 Beginning inventory Sales Purchase January 25 January 30 Sales Purchase Totals Required: Units Acquired at Cost Units sold at Retail 140 units @ $ 6.00 - $ 840 100 units @ $15 60 units @ $ 5.00 = 300 80 units @ $15 180 units $ 4.50 = 810 380 units $ 1,950 180 units 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. Specific Id Weighted Average FIFO LIFO 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: January 1 January 10 Goods Purchased Date # of units Cost per unit January 20 Average cost January 20 January 25 January 30 Totals # of units sold Cost of Goods Sold Cost per Cost of Goods unit # of units Sold Inventory Balance Cost per unit Inventory Balance 140 at $ 6.00 = $ 840.00 < Specific Id FIFO > perpetual Inventory system. For specific Identification, ending Inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date Activities January 1 January 10 January 20 Beginning inventory Sales Purchase January 25 Sales January 30 Purchase Totals Required: 140 units @ Units Acquired at Cost $ 6.00 = Units sold at Retail $ 840 100 units @ $15 60 units @ $5.00 = 300 80 units @ $ 15 180 units $ 4.50 = 810 380 units $ 1,950 180 units 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Inventory Balance Cost per unit 140 at $ 6.00 = Inventory Balance $ 840.00 Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit # of units Sold January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < Weighted Average LIFO > January 20 January 25 January 30 Required: Purchase Sales 60 units $ 5.00 = 300 80 units @ $ 15 Purchase Totals 180 units @ $ 4.50 = 810 380 units $ 1,950 180 units 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date of units Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 140 at $ 6.00 = $840.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < FIFO LIFO >