Question
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 Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 150 units @ $7.50 = $1,125 Units sold at Retail Jan. 10 Sales 110 units $16.50 Jan. 28 Purchase 80 units @ $6.50 528 Jan. 25 Sales 98 units $16.50 Jan. 38 Purchase Totals 200 units @ $6.00 430 units 31200 $2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, wil 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning Inventory. Required: 1. Complete the table 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 41 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average (Round cost per unit to 2 decimal Weighted Average Perpetual Goods Purchased Cost of Goods Sold Inventory Balance Date of units Cost per unit Nof units sold Cost per Cost of Goods unit Cost Inventory Sold init Balance January January 10 Prey
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