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 Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units Acquired at Cost 165 units@ $9.00 $1,485 125 units$18.00 110 unitse $8.00 880 125 units@ $18.00 230 unitse $7.50 505 units 1,725 $4,090 250 units Totals 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. 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 Ending Inventory Ending Inventory Units Ending Inventory Cost Units Sold Cost Per Unit Unit Cost COGS Purchase Date Activity Units Unit Cost Beginning inventory Purchase Purchase Jan. 1 165 Jan. 20 110 Jan. 30 230 S 505 0 $ Required 2 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 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: Cost of Goods Sold Goods Purchased Inventory Balance # of units sold Cost of Goods Sold Cost per unit #of units Cost per unit Cost per unit Inventory Balance Date # of units January 1 $ 9.00 165 @ $ 1,485.00 January 10 January 20 Average cost January 25 January 30 Totals
Required 4 Required 2 Required 4 Required 1 Required 3 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal pla Perpetual LIFO Goods Purchased # of Cost of Goods Sold Cost per Inventory Balance #of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units units unit January 1 165@ 9.00 $1,485.00 January 10 January 20 January 25 January 30 Totals KRequired 3
