Question

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 185 unitse $11.00 - $2,035 145 units @ $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units@ $10.00 - 1,000 125 units @ $20.00 270 units@ $ 9.50 - 555 units 2,565 $5,600 270 units The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 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. Complete this questions by entering your answers in the below tabs. 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 to 2 decimal places.) Weighted Average - Perpetual:

Answer 1

weighted average - Perpetual: Date Goods Purchased of goods cost No nos units sold catos Ending Novos inventory a cost per Ending unit encentry eu "No.of cost pelle otel wit Cost pel. geuds sold eneb 185 $0 $2,035 suyo, aan-1. Jan-10 Jan-20 145 A $11. 40 $1595 - 205 100 $1,000 100 do o Mazg. $11 $10 $10.09 Hugo 440 $1,000 1440 a) Average cost Jan 25 1000 10200 1 $10.29. 10.29 153.75 $1,286.25 13 15 Jan 30 a oncino di altorea 10.29 9.50 270 o 153.75 21565 2718.75 worror brock 285 9.54 toadrovo cost of Ending 285 Inventory 3 $9.54 $21718.75 good sold 270 $2,881.25

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