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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only
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. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date January 1 Activities Beginning inventory 156 units @ Units Acquired at Cost $ 6.00 Units sold at Retail $ 936 January 10 Sales 84 units @ $ 15.00 January 20 Purchase 76 units @ $ 5.00 - 380 January 25 Sales 96 units @ $ 15.00 January 30 Purchase Totals 180 units 412 units @ $ 4.50 = 810 $ 2,126 180 units Assume the perpetual inventory system is used. 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. Specific Id Weighted Average FIFO LIFO 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 Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 Beginning inventory 156 January 20 Purchase 76 January 30 Purchase 180 412 < Specific Id Weighted Average > Prov
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