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 Cont Units sold at Retail Jan. 1 Beginning inventory 165 unitse $9.00 - $1,485 Jan. 10 Sales 125 units $18.00 Jan. 20 Purchase 110 unitse $8.00 - 880 Jan. 25 Sales 125 units $18.00 Jan. 30 Purchase 230 units $7.50 - 1,725 Totals 505 units $4,090 250 units 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. ritory system. For specific identification, ending inventory consists of 255 units, whe 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. Complete this questions by entering your answers in the below tabs. 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. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory Inventory Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory Purchase Purchase 165 110 Jan. 20 Jan. 30 230 505 Required 1 Required 2 > 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 Weighted Average - Perpetual: Goods Purchased Cost per Cost of Goods Sold # of Cost per Cost of Goods units unit Sold sold # of units Inventory Balance # of units Inventory unit Balance Date Cost per unit January 1 165 @ $ 9.00 = $1,485.00 January 10 January 20 Average cost January 25 January 30 + Totals Required 1 Required 3 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Date # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per unit Inventory Balance Cost per # of units Inventory unit Balance $ 165 $ 9.00 1.485.00 January 1 January 10 January 20 January 25 January 30 Totals Required Requirea 2 Required 3 Required 4 Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance 165 @ $ 9.00 - 1,485.00 January 1 January 10 January 20 January 25 January 30 Totals
