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 310 units from the January 30 purchase. 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Retivities Units Acquired at cost Units sold at Retai January 1 Beginning inventory 205 unit $ 13.00 - $ 2,665 January 10 Sales 165 units $ 22.00 January 20 Purchase 140 units 12.00 - 1.680 January 25 Sales 145 units 22.00 January 30 Purchase 310 units 5 11.50 - 3,565 Totals 655 unita $ 7,910 310 unita 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. Specific id Weighted FIFO LIFO Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific identification Available for Sale Cost of Goods Sold Ending inventory Purchase Date Activity of units Cost Per Ending of units Unit sold Cost Per Unit COOS Inventory Ending Cost Per Unit Units Inventory. Cost January 1 Beginning inventory 205 January 20 Purchase 140 January 30 Purchase 310 655 Weighted Average > Weighted Average . Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance Date of units Cost per # of units unit sold Cost per unit Cost of Goods Sold of units Cost per unit Inventory Balance January 1 205 at $ 13.00 - $ 2,665.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Specific Id Welghted 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 Cost per # of units unit Date Inventory Balance unit Inventory Balance Cost per # of units 205 at January 1 $ $13.00 = 2,665.00 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 Date # of units Cost per # of units Cost per Cost of Goods unit sold unit Sold # of units January 1 205 at Inventory Balance Cost per Inventory Balance unit $13.00 = $ 2,665.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
