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 Retail Units Aequired at Coat 185 units $11.00 - $2.035 145 unite 9 $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Balen Jan. 30 Purchase Totals 100 units $10.00 - 1.000 125 units $20.00 9.50 270 units 555 units 2.565 $5,000 270 unit The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 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 information 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 Ending Inventory Endinger Ending Inventory Unit Inventory- Units Cost Activity Unit Cost Units Units Sold la Unit Cost COGS Beginning inventory 185 Jan 20 Purchase Purchase 270 555 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 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 Cost per unit Inventory Balance unit January 1 185 @ $ 11.00 - $ 2,035.00 January 10 January 20 Average cost January 25 January 30 Totals Required information 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: Inventory Balance Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods Date of units sold unit Sold Cost per unit Inventory Balance January 1 185 @ $ 11.00 - $ 2,035.00 January 10 January 20 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 LIFO. (Round cost per unit to 2 decimal places Perpetual LIFO Goods Purchased # of Cost per unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance units January 1 185 @ $ 11.00 = $ 2,035.00 January 10 January 20 January 25 January 30
