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 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Activities Units Aequired at Cost Units old at tan January 1 Beginning inventory 165 units $ 9.00 - $ 1,485 January 10 Sales 125 unita $18.00 January 20 Purchase 110 units $8.00 - 880 January 25 Salen 125 unita $ 18.00 January 30 Purchase 250 units $ 7.50 - 1,875 Totals 525 units $ 4,240 250 unita Date 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. FIFO Specific id Weighted Average LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specincidentification Specific Identification Available for Sale Cost of Goods Sold Ending Inventory LIFO Weighted Specific Id FIFO Average Weighted Average Complete the table to de assigned to ending Inventory and cost of goods sold using specific identification Specific Identification Cost of Goods Sold Available for Sale Purchase Date Ending Inventory Cost Per Unit Ending Inventory-Cost Activity # of units Cost Per Unit w of units sold Cost Per Unit Ending Inventory Units COGS January 1 January 20 January 30 Beginning inventory Purchase Purchase 165 110 250 525 0 $ 0 0 $ 0 Sticket Weighted Average > FIFO LIFO Specific Id Weighted Average 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 per unit Inventory Balance January 1 165 a $ 9.00 1485.00 January 10 Cost per unit Cost of Goods Sold of units unt sold $ January 20 Average cost January 20 January 25 January 30 Totals na 24 TH Next Specific ld Weighted Average FIFO LIFO Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased # of units Date coti por unit Inventory Balance N of units Cost per Inventory Balanco unit 165 at $ 9.00 - $ 1,485.00 January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id Weighted FIFO LIFO 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 Inventory Balance unit sold of units Sold unit January 1 165 a $ 9.00 - $ 1.485.00 D:29:00 Unit January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
