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 175 units 510.00 $1,750 Jan. 10 Sales 135 units $19.00 Jan. 20 Purchase 130 units 59.00 1.178 Jan. 25 Sales 140 units $19.00 Jan 30 Purchase 250 units $8.50 2,125 Totals 555 units 55,645 275 units The Company uses a perpetual inventory system For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 sole using FIFO Required information 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 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, (Rou places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Unit Units Ending Purchase Date Ending Activity Units Unit Cost Cost Per Cost COGS Sold Inventory. Unit Inventory. Units Cost Jan. 1 Beginning inventory 175 $ 10.00 Jan 20 Purchase 130 $9.00 Jan 30 Purchase 250 $ 8,50 555 $ $ Check my wor Required information Required 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:) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost per # of Date Cost per Cost of Goods Cost per #of units Inventory units units unit Balance sold January 1 175 $ 10.00 = $ 1.750,00 January 10 January 20 unit Sold unit Average cont January 25 January 30 Totals Required information 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 Cost of Goods Sold Inventory Balance Cost per Cost per cost of Goods Inventory unit January 1 175 $ 10.00 - $ 1.750,00 January 10 January 20 Date #of units of units sold unit of units Sold Cost per unit Balance January 25 January 30 Totals Required information 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 Cost of Goods Sold Inventory Balance # of Date Cost per of units Cost per cost of Goods Cost per Inventory units unit # of units sold Sold unit Balance January 1 175 $ 10.00 = $ 1,750.00 unit January 10 January 20 January 25 January 30 Totals Required
