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. Units sold at Retail Units Acquired at Cost 200 unitse $12.50 - $2,500 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $11.50 - 1,495 160 units @ $21.50 140 units $21.50 Book 300 units@ $11.00 - 630 units 3,300 $7,295 300 units Print Terences The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 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. 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 unit to places.) Specific Identification Available for Sale Cast of Goods Sold ences Ending Inventory Ending Inventory Inventory. Cost Ending Cost Per Purchase Date Activity Units Sold Units Unit Cost COGS Cost Units Unit Jan 1 Beginning inventory 200 130 Jan. 20 Jan. 30 Purchase (Purchase 300 630 Required Required 2 > 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.) Weighted Average - Perpetual: Goods Purchased Inventory Balance of units Date Cost per unit Cost of Goods Sold Cost per Cost of Goods unit Sold of units sold of units Cost per Inventory Balance January 1 200 @ $ 12.50 - $ 2,500.00 January 10 January 20 Average cost January 25 January 30 Totals Required Required 3 > Required: 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 unit Cost of Goods Sold of units Cost per cost of Goods s old unit Sold Inventory Balance of units Cost per Inventory Date January 1 200 @ $ 12.50 - $ 2,500.00 January 10 January 20 January 25 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 UFO Goods Purchased #of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods old unit Inventory Balance Cooper nventory Balance s Sold January 1 200 a 12.50 - $ 2,500.00 Deferences January 10 January 20
