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 Dan. 10 Sales Jan. 20 Purchase Jan. 25 Sales San. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 140 units @ $6.00 - $340 100 units 515 60 units @ $5.00 300 30 units $15 180 units 54.50 1310 330 units $1,950 150 units The Company uses a perpetual inventory system for specific identification ending inventory consists of 200 units, where 180 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 costs assigned to ending inventory and to cost of goods sold using specific identification 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the costs assigned to ending inventory and to cost of goods sold using UFO Required information Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to Weighted Average - Perpetual: Goods Purchased #of Cost Date per units unit January 1 January 10 Cost of Goods Sold #of units Cost Cost of sold per unit Goods Sold Inventory Balance Cost Inventory # of units per Balance unit 140 $ 6.00 $ 840.00 @ 100 S 6.00 = $ 600.00 40 > @ $ 6.00 $240.00 January 20 60 S 5.00 40 $ 6.00 $240.00 $ 5.00 60 100 300.00 $540,00 X Average cost January 25 January 30 80 @ 5 5.40 $ 432.00 20 $ 5.40 $ 108.00 180 5 4.50 20 180 @ @ $ 5.40 $ 450 3 $ 108.00 810.00 $918.00 Totals 1,032.00 200 Goods Purchased #ol Cost units per unit Date Cost of Goods Sold Cost # of units Cost of sold per unit Goods Sold Inventory Balance Cost #ol units per Inventory unit Balance 140 @ $6.00 $ 840.00 January 1 100 January 10 January 20 @ $6.00 S 600.00 40 CH $6.00 = $ 240.00 60 @ $5.00 40 $6.00 60 @ $5.00 S 240.00 300.00 S 540.00 January 25 40 $6.00 @ @ 20 lo 56.00 40 $5.00 $ 240,00 200.00 $ 440.00 20 > @ $5.00 $ 120.00 $ 100.00 5. 220.00 January 30 180 @ $450 20 @ 180 @ @ 200 x @ $6.00 $5.00 $ 120.00 900.00 900.00 $4.50 Totals S 1 040.00 1920.00 Required information Perpetual LIFO: Goods Purchased Cost Date #of units per unit January 1 Cost of Goods Sold # of units Cost Cost of sold per unit Goods Sold Inventory Balance Cost # of units Inventory per Balance unit 140 $6.00 $ 840.00 G) 100 $6.00 $ 600.00 January 10 January 20 40 $6.00 5 240.00 60 $5.00 40 O $6.00 $ 240.00 60 @ $5.00 300.00 $ 540.00 January 25 20 60 X 20 @ $6.00 $5.00 > $ 120.00 $360.00 100.00 460.00 $6.00 $5.00 @ $ 120.00 January 30 180 $4.50 20 180 $6.00 $5.00 200 $4.50 $ 120,00 900.00 900.00 5 1.920.00 Totals $ 1.060.00
