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 periodic inventory system. For specific identification, ending inventory consists of 210 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 145 units @ $6.00 - $ 870 95 units $15.00 65 units $5.00 325 85 units @ $15.00 180 units $4.50 810 390 units $2,005 180 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification, 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Purchase Date #of units Cost Per # of units Activity COGS Cost Per Unit Unit Ending sold Inventory Cost Per Unit Units Inventory. Cost Jan Beginning inventory 145 Jan 20 Purchase 65 Jan 30 Purchase 180 390 Weighted Average 15 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pla Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods units sold unit Sold # of units Cost per unit Inventory Balance January 1 145$ 6.00 - $ 870.00 January 10 January 20 Date unit Average cost January 25 January 30 Totals Specific id Weighted Average FIFO LIFO art 3 of 5 Dints Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Date Cost per # of units Cost per cost of Goods units unit sold # of units Inventory Balance unit Sold unit January 1 145 @ $ 6.00 = 870.00 Cost per January 10 January 20 January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO 3 of 5 its Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of Date Cost per # of units Cost per Cost of Goods units unit sold unit Sold # of units unit Inventory Balance January 1 145 @ $ 6.00 - $ 870.00 January 10 Cost per January 20 January 25 January 30 Total
