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 170 units@ $9.50 - $1,615 Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 unitse $8.50 - 1,020 Jan. 25 Sales 130 units @ $ 18.50 Jan. 30 Purchase 240 units@ $8.00 - 1,920 Totals 530 units $4,555 260 units The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 Required information 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 places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Unit Units Ending Cost Per Ending Purchase Date Activity Units Unit Cost COGS Cost Inventory- Inventory Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 Jan. 20 Purchase 120 $ 8.50 Jan. 30 Purchase 240 $ 8.00 530 0 $ $ 0 (Required Required 2 > 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 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per u Weighted Average - Perpetual: Goods Purchased # of Cost per Date units unit Cost of Goods Sold Inventory Balance # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance 170 @ $ 9.50 = $ 1,615.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required information Complete this question by entering your answers in the tabs below. of 2 Required 1 Required 2 Required 3 Required 4 11:31 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO Goods Purchased Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Inventory Balance # of units Inventory unit Balance 170 @ $ 9.50 = $ 1,615.00 units unit January 1 January 10 January 20 January 25 January 30 Totals
