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 150 unitse $7.50 = $1,125 Jan. 10 Sales 110 units $16.50 Jan. 20 Purchase 80 unitse $6.50 = 520 Jan. 25 Sales 90 unitse $16.50 Jan. 30 Purchase 200 units $6.00 - 1.200 Totals 430 units $2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 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. 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 2 decimal places.) Specific identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan. 1 Jan 20 Jan. 30 Beginning inventory Purchase Purchase 150 $ 7.50 80 $ 6.50 200 S 6.00 430 Ending Inventory Ending Cost Per Ending Inventory Unit Inventory Units Cost 25 $ 7.50 $ 188 5 $ 6.50 33 200 $ 6.00 $ 1,200 0 230 $ 1,421 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assisted 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 Date #of Cost per units Cost per Cost of Goods # of units Cost per Inventory units unit unit Sold sold Balance January 1 150 @ $ 7.50 = $ 1.125.00 January 10 1101 January 20 80 $ 6.50 80 @ $ 6.50 - 520.00 Average cost 80 $ 520.00 January 25 90 January 30 2001 $ 6.00 1,200.00 200 @ $6.00 - 200 Totals 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 Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per # of units Date Inventory Balance Cost per Inventory # of units unit Balance 150 $ 7,50 $ 1,125.00 unit January 1 January 10 January 20 January 25 January 30 Totals Complete this question by entering your answers in the tabs below. 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 Inventory # of units unit Balance 150 $ 7.50 = $ 1,125.00 January 1 January 10 January 20 January 25 January 30 Totals
