undefined

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. Units sold at Retail Units Acquired at Cost 155 units @ $8.00 = $1,240 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 = 630 95 units @ $17.00 210 units @ $6.50 = 455 units 1,365 $3,235 210 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. 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 Weighted Average - Perpetual: Goods Purchased # of Cost per Date units unit Inventory Balance # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 155 @ $ 8.00 = $ 1,240.00 January 10 115 @ $ 8.00= $ 920.00 401 @ $ 8.00] = $ 320.00 January 20 90@ $ 7.00 $ 320.00 40 @ $ 8.00 = 90 @ $ 7.00 = 130 @ 630.00 950.00 Average cost $ January 25 95 @ 351@ January 30 210@ $ 6.50 35 @ 210 @ $ 6.50 = 245 @ 1,365.00 Totals 920.00 Required 1 Required 3 > Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit Date # of units sold Cost per Cost of Goods unit Sold Inventory Balance Cost per Inventory # of units unit Balance 155 @ $ 8.00 = $ 1,240.00 January 1 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 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 155 @ $ 8.00 = $ 1,240.00 January 1 January 10 January 20 January 25 January 30 Totals