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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
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 Unit Mequired at Coat Units sold at Retail Jan. 1 Beginning inventory 230 units $15.50 - $ 3,565 Jan. 10 Salen 100 units $24.50 Jan. 20 Purchase 190 unitse $14.50 - 2,755 Jan. 25 Sales 220 units $24.50 Jan. 30 Purchase 360 unita 510.00 - 5,040 Totals 780 units $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 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. Camnlete this question 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 Goods Purchased # of Cost per units unit Cost of Goods Sold #of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 230 @ $ 15.50 - $ 3,566.00 January 1 January 10 January 20 January 25 January 30 Totals
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