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. Units sold at Retail Units Acquired at Cost 210 units@ $13.50 - $2,835 160 units @ $22.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 150 units@ $12.50 - 1,875 180 units @ $22.50 320 units@ $12.00 - 680 units 3,840 $8,550 340 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 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. Complete this question by entering your answers in the tabs below. 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. (Round cost per unit to 2 decimal places.) Ending Cost Per Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Units Purchase Date Activity Unit Units Unit Cost COGS Sold Inventory- Cost y Inventory- Unit Units Cost Jan. 1 Beginning inventory 210 Jan. 20 Purchase 150 Jan. 30 Purchase 320 6800 os 0 0 $ 0 | $ 0 Required 1 Required 2 > Required i Required 2 Required 3 Required 4 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 Inventory Balance # of units Date Cost per unit Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold # of units Cost per unit Inventory Balance January 1 210 @ $ 13.50 = $ 2,835.00 January 10 January 20 Average cost January 25 January 30 Totals I I I Required information Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Inventory Balance Goods Purchased Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date # of # of units Cost per unit Inventory Balance January 1 210 @ $ 13.50 = $ 2,835.00 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 > Required information Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 210 @ $ 13.50 = $ 2,835.00 January 1 January 10 January 20 January 25 January 30 Totals Required 3 Required 4
