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 Acquired at Cost 235 units@ $16.80 = $ 3,760 Units sold at Retail 185 units @ $25.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units@ $15.00 = 2,700 200 units @ $25.60 370 units@ $14.50 = 785 units 5,365 $11, 825 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: ory 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 Ending Cost Per Ending Inventory Ending Inventory- Inventory- Units Unit Cost Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 235 Beginning inventory Purchase Purchase Jan. 20 Jan. 30 180 785 0 Required 1 Required 2 > 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 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 Sold # of units Sol # of units Cost per unit Inventory Balance sold unit January 1 235 @ $ 16.00 = $ 3,760.00 January 10 January 20 Average cost 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 FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units of unite Cost per unit Inventory Balance January 1 235 @ $ 16.00 = $ 3,760.00 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Inventory # of units Cost per unit Balance Date January 1 235 @ $ 16.00 = $ 3,760.00 January 10 January 20 January 25 January 30 Totals
