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 170 units@ $9.50 = $1,615 130 units @ $18.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 120 units @ $8.50 = 1,020 130 units @ $18.50 240 units @ $ 8.00 = 1,920 $ 4,555 Totals 530 units 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Pequired: . Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. . Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. . Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. . 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 places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory- Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory 170 Jan. 20 Purchase 120 Jan. 30 Purchase 240 530 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 de Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold # of units Inventory Balance unit unit January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 Average cost January 25 January 30 Totals Required information Requirea 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 place Perpetual FIFO: Goods Purchased Cost of Goods Sold # of units Date Cost per unit # of units sold Cost per unit Inventory Balance Cost per Inventory # of units unit Balance Cost of Goods Sold January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 January 25 January 30 Totals
