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	220	units	@	$	14.50	=	$	3,190
Jan.	10		Sales										170	units	@	$	23.50
Jan.	20		Purchase	170	units	@	$	13.50	=		2,295
Jan.	25		Sales										200	units	@	$	23.50
Jan.	30		Purchase	340	units	@	$	13.00	=		4,420
			Totals	730	units					$	9,905		370	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 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.

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. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 220 units $14.503,190 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 170 units $23.50 200 units $23.50 170 units $13.502,29!5 340 units $13.00 4,420 730 units Totals $9,905 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 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 Required 1 Required 2Required 3 Required 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 Cost of Goods Sold Ending Inventory Ending Cost Per Inventory Ending Unit Cost Purchase Date Activity Units Sold Unit Cost COGS Inventory.Unit Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 220 170 340 730 0 0 0 Required1 Required 2> Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of units #of Cost per units Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit unit sold 220 14.50$3,190.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required Required 3 > Required 1 Required 2 Require d 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: oods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per Cost of Goods Cost per Inventory Balance Date # of units unit Sold unit January 1 January 10 January 20 220$14.50 3,190.00 January 25 January 30 Totals Required 2 Required 4 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: Cost of Goods Sold Goods Purchased #of units Inventory Balance Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit 2201 14.503,190.00 January 1 January 10 January 20 January 25 January 30 Totals Required 3 Required 4