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 185 units@ $11.00 = $2,035 145 units @ $ 20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units@ $10.00 = 1,000 125 units @ $ 20.00 270 units@ $ 9.50 = 555 units 2,565 $ 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. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs 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 costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory- Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS 185 Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 100 270 555 0 $ 0 0 0 Required 1 Required 2 > Required 1 Required Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decima Weighted Average - Perpetual: Goods Purchased # of units Cost of Goods Sold # of Cost per Cost of Goods units unit sold Sold Cost per unit Date Inventory Balance # of units Cost per Inventory unit Balance January 1 185 @ $ 11.00 = $2,035.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units unit sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance $ 185 @ $ 11.00 2,035.00 January 1 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Inventory Balance Inventory # of units unit Balance 185 @ $ 11.00 = 2,035.00 January 1 January 10 January 20 January 25 January 30 Totals
