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 $ 9.50 = 270 units @ 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 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. 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 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 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Ending Inventory Ending Inventory- Cost Unit Cost Units Units Sold Ending Inventory. Unit Cost COGS Cost Per Unit Units Jan. 1 Beginning inventory 185 Jan 20 Purchase 100 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 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory- Unit Inventory- Units Cost Cost Per Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS Jan 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 185 100 270 555 Required 1 Required 2 > 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 Cost of Goods Sold Inventory Balance Cost per # of Date # of units units Cost per Cost of Goods Sold # of units unit sold unit Cost per unit $ 11.00 = Inventory Balance $ 2,035.00 January 1 185 @ January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 > Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 185 @ $ 11.00 = $ 2.035.00 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 Date Inventory Balance # of units Cost per Inventory unit Balance 185 @ $ 11.00 = $ 2,035.00 January 1 January 10 January 20 January 25 January 30 Totals
