Saved 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Units sold at Retail Units Acquired at Cost 205 units @ $ 13.00 = $ 2,665 165 units @ $ 22.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 140 units @ $ 12.00 = 1,680 145 units @ $ 22.00 @ $ 11.50 = 310 units 655 units 3,565 $ 7,910 310 units 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. - Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases January 20 January 30 Total Specific id Weighted Average > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per # of units Cost of Goods Available for Sale # of units sold Cost per unit Ending Inventory # of units in Cost per ending unit inventory Cost of Goods Sold unit Ending Inventory Beginning inventory Purchases January 20 January 30 Total 0 $ 0 Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFON Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units in ending Cost per Ending unit inventory Inventory unit Beginning inventory Purchases January 20 January 30 Total 0 $ 0
