The following information applies to the questions displayed below.j Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory 200 units $12.50- $2,500 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units Acquired at Cost Units sold at Retail 160 units $21.50 140 units $21.50 130 unitse $11.501,495 300 unitse $11.003,300 Totals 630 units $7,295 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 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 averagee 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 LIFC Complete this questions by entering your answers in the below tabs. Required Required 2Required 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 Ending Inventory Unit Cost Sold Ending Cost Per Inventory- Ending Units Activity Unit Cost COGS Inventory-Unit Purchase Date Units Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning Purchase Purchase 200 130 300 630 Required 1 d 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 Weighted Average Perpetual Goods Purchased Cost of Goods Sold Inventory Balance # of Cost perunits Cost per #of units Cost of Cost per Inventory Balance Date | # of units unit unit Goods Sold unit sold 200 12.502,500.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 > Required 1 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO Required 2 Required 3 Required 4 Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods | Sold Inventory per unit Balance Cost Date # of units $12.502500.00 January1 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 ) Required 1Required 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 Inventory Balance Cost #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory per unit Balance Date # of units $12.50|=| 2,500.00 January 1 January 10 January 20 January 25 January 30 Totals Required 3 Required 4
