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 Date Activities Units Acquired at Cost Retail Jan. 1 Beginning 230 units@$15.50 =$ 3,565 inventory Jan. 10 Sales 180 units@$24.50 Jan.20 Purchase 190 units@$14.50 = 2,755 Jan. 25 Sales 220 units $24.50 Jan. 30 Purchase 360 units@$14.00 = 5,040 Totals 780 units $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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. Required Required Required Required 2 3 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Purchase Date Activity Cost of Goods Sold Ending Inventory Cost Units Ending Unit Ending Sold COGS Inventory- Per Inventory- Cost Units Unit Cost Unit Cost Units Jan. 1 230 Beginning inventory Purchase Purchase Jan. 20 Jan. 30 190 360 780 0 $ 0 0 $ 0 (Required 1 Required 2 > Required Required Required Required 1 2 3 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 Cost of Goods Sold Purchased Inventory Balance Cost # of Cost Cost of Cost # of Date units per Inventory units per Goods # of units per Balance unit sold unit Sold unit January $ $ 230@ 1 15.50 3,565.00 January 10 January 20 Average cost January 25 January 30 Totals Required Required Required Required 1 2 3 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Cost of Goods Sold Inventory Balance Perpetual FIFO: Goods Purchased Cost Date # of per units unit # of units sold Cost per Cost of Goods Sold # of units Inventory Balance unit Cost per unit $ 15.50 January 1 230 @ $ 3,565.00 January 10 January 20 January 25 January 30 Totals Required Required Required Required 1 2 3 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Cost of Goods Sold Inventory Balance Perpetual LIFO: Goods Purchased # of Cost Date units per unit Cost # of units sold Cost per unit Cost of Goods Sold # of units per unit $ 15.50 Inventory Balance $ 3,565.00 January 1 230 @ January 10 January 20 January 25 January 30 Totals
