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 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 160 units $ 8.50 = $ 1,360 January 10 Sales 120 units $ 17.50 January 20 Purchase 100 units @ $7.50 = 750 January 25 Sales 120 units $ 17.50 January 30 Purchase 240 units $ 7.00 = 1,680 Totals 500 units $ 3,790 240 units 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 LIFO Average 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 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 Average LIFO 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 Activity Ending # of units Cost Per # of units Unit Cost Per Unit Ending sold COGS Inventory Cost Per Unit Unite Inventory. Cont January 1 Beginning inventory 100 5 8.50 January 20 Purchase 1001 $ 7.50 January 30 Purchase 240 $ 7.00 500 0 $ 0 0 $ 0 pen Weighted Average > 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. Cost per Specific Id Wetented 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.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per of units Cost of Goods unit sold unit Sold of units Cost per unit Inventory Balance January 1 160 at $ 8.50 = $ 1,360.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Required information Specific Id Weighted FIFO Average LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units Cost per Cost of Goods Cost per unit sold unit # of units Sold unit Inventory Balance January 1 160 at $ 8.50 - $ 1,360.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Required information Specific Id Weighted FIFO XFO Average 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 per #of units # of units Cost per Cost of Goods Cost per unit Sold # of units Inventory Balance January 1 160 at $ 8.50 - $ 1,360.00 unit sold unit January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals FIFO LIFO
