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 165 units @ $9.00 = $1,485 125 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 unit to 2 decimal places.) 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 165 Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 110 230 505 Complete this question by entering your answers in the tabs below. 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.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per Date # of units sold Cost per Cost of Goods unit unit Sold # 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 Complete this question by entering your answers in the tabs below. 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 pla Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units sold Sold Date unit unit Inventory Balance Cost per Inventory # of units unit Balance 165 @ $ 9.00 = $ 1,485.00 January 1 January 10 January 20 January 25 January 30 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 pl Perpetual LIFO: 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 165 @ $ 9.00 - $ 1,485.00 January 1 January 10 January 20 January 25 January 30 Totals
