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 product
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 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 220 units @ $14.50 $3,190 170 units @ $13.50 - 2,295 340 units @ $13.00- 4,420 730 units $9,905 Units sold at Retail 170 units @ $23.50 200 units @ $23.50 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 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 4 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 Ending Inventory Unit Purchase Date Activity Units Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory. Cost Jan. 1 Beginning inventory 220 Jan. 20 Purchase 170 Jan 30 Purchase 3401 730 Required 2 > oped Required 1 Required 2 Required 31 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decim Weighted Average Perpetual: Goods Purchased Cost of Goods Sold- Inventory Balance of #of Cost per Date units unit units sold unit Cost per Cost of Goods Sold # of units Cost per Inventory unit Balance 220 @ $14.50= $3,190.00 January 11 January 10 January 201 Average cost January 25 January 30 Totals d Cost of Goods Sold Cost per unit # of units sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit Balance $ 220 @ $14.50 = 3,190.00 Perpetual FIFO: Date January 11 January 10 January 20 Goods Purchased # of units January 25 January 30 Totals ed Cost of Goods Sold Cost per Cost of Goods Sold unit Perpetual LIFO: Date January 11 January 101 January 201 Goods Purchased #of units Cost per unit # of units sold January 25 January 20 Tota # of units Inventory Balance Cost per unit Inventory Balance $ 220 @ $14.50= 3,190.00
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