! 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 Acquired at Cost 165 units@ $9.00 - $1,485 Units sold at Retail 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $8.00 = 880 125 units @ $18.00 230 units@ $7.50 = 505 units 1,725 $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 un places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan. 1 165 Beginning inventory Purchase Jan. 20 110 Jan. 30 Purchase 230 505 0 $ 0 0 $ 0 Required Required 2 > Required information complete this question by entering your answers in the tads delow. 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.) 5 Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold unit # of units Cost per unit Inventory Balance January 1 165 @ $ 9.00 = $ 1,485.00 January 10 January 20 Average cost January 25 January 30 Totals Required information Required 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 Inventory Balance Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units Date # of units Cost per unit Inventory Balance unit January 1 165 @ $ 9.00 = $ 1,485.00 January 10 January 20 January 25 January 30 Totals 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 pla Perpetual LIFO: Goods Purchased Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of Inventory Balance Cost per Inventory # of units unit Balance Date January 1 165 @ $ 9.00 = $ 1,485.00 January 10 January 20 January 25 January 30 Totals
