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. Unita boquired at cost 200 units $16.50 - $ 3.960 Units sold at Retail 190 unite $25.50 Activities Jan. 1 Seginning Inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totale 170 units $15.50 - 2,635 190 units $25.50 $15.00 - 380 units 790 units 5,700 $12,295 300 units The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 410 units, where 380 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 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. Problems 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 pe places.) Specific Identification Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory Unit Inventory Units Cost Per Purchase Date Activity Unit Cost Units Units Sold Unit Cost cOOS Jan 1 Jan 20 Beginning inventory Purchase Purchase 240 170 380 790 $ 16.50 $ 15.50 $ 15.00 3960 $ 16.50 2635 $ 15.50 57001 $ 15.00 12,295 $ 65,340 $ 40,843 $ 85,500 $ 191,683 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 Welghted Average - Perpetual: Goods Purchased Inventory Balance of units Cont per unit of units Cost of Goods Sold Cost per cost of Goods unit Sold # of units Cost per unit Inventory sold January 1 240 @ $ 16.50 - $ 3,960.00 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 Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods s old unit Sold ofundo Costpor unit Inventor Balance January 1 240 @ $ 16.50 - $ 3,960.00 January 10 January 20 January 25 January 30 Totals ( Required 2 Required 4 > Required information Required 1 Required 2 Required 3 Required 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 # of units Cost per Inventory Balance 240 @ $ 16.50 - $ 3,960.00 January 1 January 10 January 20 January 25 January 30 Total ( Required 3
