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.

Date			Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1		Beginning inventory	205	units	@	$	13.00	=	$	2,665
Jan.	10		Sales										165	units	@	$	22.00
Jan.	20		Purchase	140	units	@	$	12.00	=		1,680
Jan.	25		Sales										145	units	@	$	22.00
Jan.	30		Purchase	310	units	@	$	11.50	=		3,565
			Totals	655	units					$	7,910		310	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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.

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. Part 1 of 3 Activities Units Acquired at Cost Date Jan 1 Beginning inventory 205 units $13.00$2,665 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan.30 Purchase Units sold at Retail 165 units $22.00 145 units $22.00 20 points 140 units $12.00 1,680 310 units $11.503,565 655 units 02:34:58 Totals $7,910 310 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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 questions by entering your answers in the below tabs Complete this questions by entering your answers in the below tabs Part 1 of3 Required 1Required 2 Required 3 Reqired 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 20 points Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory- 02:34:54 Ending Unit Cost Units Sold Purchase Date Activity Units Unit Cost COGS Inventory Unit 13.00 S 5 12.00 S Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 205 $13.00 140 12.00 310$11.50 655 390 60 310$ 50$ 3,565 4,015 175 S 13.00 2,275 135 S 12.00 S 1,620 30 $ 310 S 3,895 345 Required 1 Required 2> Complete this questions by entering your answers in the below tabs. T 3 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 Weighted Average- Perpetual: 4:47 Goods Purchased Cost of Goods Sold Inventory Balance Cost perunits #of units Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit unit sold 205 $ 13.00$2,665.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 Required information Required 1 Reqired 2Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO rt 1 of 3 Perpetual FIFO: ds Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance nts Date # of units unit 205$13.002,665.00 January 1 January 1 January 20 02:34:42 January 25 January 30 Totals Required 1 Required 2 Required 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO art 1 of 3 Goods Purchased #of Cost of Goods Sold Inventory Balance Cost per Inventory Cost per unit # of units sold Cost per Cost of Goods ints Date units Sold # of units unit unit Balance 20513.00 2,665.00 January 1 January 10 January 20 02:34:37 January 25 January 30 Totals Required 3 Reguired 4