Required information Use the following information for the Exercises below. [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 160 units $8.50 - $1,360 Jan. 10 Sales 120 units $17.50 1ee units@ $7.50 - 750 120 units @ $17.50 220 units $7.00 - 1,540 480 units $3,650 240 units Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-3 Perpetual: Inventory costing methods LO P1 Required information 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 Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost Ending Inventory Ending Cost Per Ending Inventory. Unit Inventory Units Cost COGS Jan, 1 Beginning inventory Purchase 160 Ian 20 100 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. Specific Identification Available for Sale Cost of Goods Sold Units Unit Cost Sold COGS Ending Inventory Ending Cost Per Ending Inventory. Units Unit Inventory Cost Purchase Date Unit Cost Activity Units Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 160 100 220 480 $ 0 $ 0 Required Required 2 > Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units Cost per Date Inventory Balance Inventory # of units Balance 20 points unit Cost per unit January 1 160 @ $ 8.50 $1,360.00 eBook January 10 References January 20 Average cost January 25 January 30 Totals Required information 3 Goods Purchased Inventory Balance Date Cost per # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold unit # of units Cost per unit Inventory Balance 20 points January 1 160 @ $ 8.50 1,360.00 January 10 eBook January 20 References January 25 January 30 Totals Required information 3 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 # of units Inventory unit Balance $ 160 $ 8.50 = 1,360.00 20 points January 1 January 10 eBook January 20 References January 25 January 30 Totals
