Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold # of units Date Cost per unit # of units sold Cost per unit Inventory Balance Cost Inventory per Balance unit Cost of Goods Sold # of units January 1 220 $ 14.50 = $3,190.00 January 10 170 $ 23.50 $3,995.00 50 a $ 14.50 = $ 725.00 January 20 170 a $ 13.50 50 $ 14.50 $ 725.00 170 = 2,295.00 13.50 $ 13.50 Average cost 220 $3,020.00 January 25 200 $ 23.50 $4,700.00 $ 30.00 = January 340 $ 13.00 30 340 @ 4,420.00 13.00 Totals $8,695.00 340 X ! Chapter 5 Homework 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 sold at Retail Units Acquired at Cost 220 units @ $14.50 $3,190 = 170 units @ $23.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 170 units@ $13.50 2,295 200 units @ $23.50 340 units@ $13.00 = 4,420 $ 9,905 Totals 730 units 370 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 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