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	Units Acquired at Cost								Units sold at Retail
Jan.	1		Beginning inventory	215	units	@	$	14.00	=	$	3,010
Jan.	10		Sales										165	units	@	$	23.00
Jan.	20		Purchase	160	units	@	$	13.00	=		2,080
Jan.	25		Sales										190	units	@	$	23.00
Jan.	30		Purchase	330	units	@	$	12.50	=		4,125
			Totals	705	units					$	9,215		355	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 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.

1 Required information (The following information applies to the questions displayed below.] Part 1 of 2 Laker Company reported the following January purchases and sales data for its only product. 2 points Date Units sold at Retail Units Acquired at Cost 215 units@ $14.00 $3,010 165 units @ $23.00 Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 160 units @ $13.00 = 2,080 eBook 190 units @ $23.00 330 units@ $12.50 = 705 units 4,125 Hint $9,215 355 units Print References The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 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. O Required information 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.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 215 Beginning inventory Purchase Jan. 20 160 Jan. 30 Purchase 330 705 0 0 0 o.mheducation.com ter 5 A Saved Help Save & Exit Check my Kecuirea ! n 2 3 3 Kequired 4 Required information Perpetual FIFO: Goods Purchased Cost per Inventory Balance Cost per Inventory # of units unit Balance # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date unit January 1 215 @ $ 14.00 = $ 3,010.00 January 10 January 20 January 25 January 30 Totals Prey 1 2 of 8 Next > Next > Check my work 1 Required information Complete this question by entering your answers in the tabs below. Part 1 of 2 Required 1 Required 2 Required 3 Required 4 2 points 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: eBook Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Hint Date Print January 1 215 @ $ 14.00 = $ 3,010.00 References January 10 January 20 January 25