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 Acquired at Cost 235 units@ $16.00 - $ 3,760 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units@ $15.00 - 185 units @ $25.00 2,700 200 units @ $25.00 370 units@ $14.50 - 785 units 5, 365 $11,025 385 units The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 400 units, where 370 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 costs assigned to ending inventory and to cost of goods sold using specific identification 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the conte Aceinnertandine Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identificatio 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 9. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Unit Units Units Sold Cost Unit Cost Ending Inventory Ending Cost Ending Inventory. Per Inventory Units Unit Cost COGS Jan. 1 235 Beginning Inventory Purchase Jan. 20 180 s 16.00 $ 15.00 $ 14.50 > > 2200 $ 15.00 $ 33,000 50 % $ 15.00 $ 750 Jan. 30 Purchase 370 785 2,200 $ 33,000 50 750 Weighted Average - Perpetual: Goods Purchased # of Cost Date units per unit January 1 January 10 # of units sold Cost of Goods Sold Cost Cost of per Goods Sold unit # of units Inventory Balance Cost per Inventory Balance unit $ s 16.00 3,760.00 235 January 20 Average cost January 25 January 30 Totals Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost # of units Inventory per Balance unit $ 235 @ 16.00 3,760.00 January 1 January 10 January 20 January 25 January 30 Perpetual LIFO: Date Goods Purchased Cost # of units per unit Cost of Goods Sold Cost # of units Cost of sold per Goods Sold unit Inventory Balance Cost # of units per Inventory Balance unit $ 235 16.00 3,760.00 January 1 @ II January 10 January 20 + January 25 January 30
