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 Units sold at Retail Units Acquired at Cost 175 units @ $10.00 = $1,750 Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $ 9.00 = 1,170 135 units @ 140 units @ $19.00 $19.00 250 units @ $ 8.50 = 555 units 2,125 $5,045 275 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 sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this questions by entering your answers in the below tabs. 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. 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. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Inventory- Cost Activity Units Unit Cost Units Sold Unit Cost Ending Inventory. COGS Cost Per Ilnit Units Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 175 130 250 555 Required 1 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 Inventory Balance Weighted Average - Perpetual: Goods Purchased # of Cost per Date units # of units Cost of Goods Sold Cost per Cost of Goods unit Sold # of units unit Cost per Inventory unit Balance $ 10.00 = $1,750.00 January 1 175 @ January 10 January 20 Average cost January 25 D January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per super # of units sold Cost per Cost of Goods units unit 1 unit Sold Date Inventory Balance # of units Cost per Cost Inventory unit Balance 175 @ $ 10.00 = $1,750.00 January 1 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of pe # of units sold Cost per Cost of Goods units unit unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 175 @ $ 10.00 = $1,750.00 January 1 January 10 January 20 January 25 January 30 Totals
