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. 32 Units Acquired at Cost 215 units@ $14.00 - $3,010 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 165 units $23.00 160 units@ $13.00 - 2,080 190 units @ $23.00 330 units $12.50 705 units 4, 125 $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. Complete this question by entering your answers in the tabs below. 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 places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Ending Inventory Ending Ending Inventory- Cost Per Inventory Unit Units Cost Unit Cost COGS Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase 215 160 330 705 Purchase ROS Required 2 > Required information Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Cost of Goods Sold Inventory Balance Weighted Average - Perpetual: Goods Purchased # of Date units unit Cost per # of units Cost per Cost per cost of Goods unit Sold # of units unit Inventory Balance sold January 1 215 @ $14.00 $ 3.010.00 January 10 January 20 Average cost January 25 January 30 Totals Required information Required 1 Required 2 Required 3 Required 4 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 units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance Cost per Inventory # of units unit Balance 215 @ $ 14.00 = $ 3 010 00 January 1 January 10 January 20 January 25 January 30 Totals Required information Required 1 Required 2 Required 3 Required 4 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: 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 # of units Inventory unit Balance 215 $ 1400 = $ 3,010 00 January 1 January 10 January 20 January 25 January 30 Totals
