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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date Activities Units Acquired at Coat Units sold at Retail January 1 Beginning Inventory 170 units $ 9.50 $ 1,615 January 10 Sales 130 units $ 18.50 January 20 Purchase 120 units $ 8.50 1,020 January 25 Sales 130 units January 30 260 units 5 8.00 - 2,080 Totale 550 units $4,715 260 units . e $ 18.50 Purchase 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 FIFO UFO Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Avaliable for Sale Cost of Goods Sold Ending Inventory Purchase Date Cost Per of unite Ending Activity of unita Unit Cost Per Unit COGS Inventory Ending Coat Par Unit Unita Inventory. Cost January 1 Begirining inventory 170 January 20 Purchase 120 January 30 Purchase 550 Bold 260 Specs Weighted Average > Specific ld Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Goods Purchased Weighted Average - Perpetual Cost of Goods Sold Inventory Balance Date #of units Cost per Cost per of units unit sold unit Cost of Goods Sold #of units Cost per unit Inventory Balance January 1 170 at $ 9.50 1,615.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Date Inventory Balance of units Cost #of units Cost Cost of Goods Cost per unit #of units sold per unit Sold per unit Inventory Balance January 1 170) at $ 9.50 = $ 1,615.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance Date Cost #of units Cost # of units Cost of Goods Cost of units per unit sold per unit Sold Inventory Balance per unit January 1 170 at $ 9,50 $ 1,615,00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals (FIFO
