Requlred Informetlon [The following information applies to the questions display

Question

Requlred Informetlon [The following information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory Jan. 18 Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase Units sold at Retail 178 units $23.5e 288 units $23.5e 378 units Activities its Acquired at Cost 220 units$14.58-$3, 19e 178 units$13.582,295 340 unit s @ $13.00 Totals 730 units $9,985 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. Requlred: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Complete this question by entering your answers in the tabs below Required 1Required 2 Required 3 Required 4 Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Available for Sale Cost of Goods Sold Ending Unit Units Unit Cost COGS InventoryU Cost Cost Per Ending Date Activity Unit Inventory- Sold Units Cost Beginning inventory Purchase Purchase Jan. 20 170 340 730 Jan. 30 Required 2 >

Explanation / Answer

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Computation of ending inventory COGS under Specific Identification Date Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Qty Rate Amount Qty Rate Amount Qty Rate Amount Qty Rate Amount 1-Jan 220 $14.50 $3,190.00 0 $0.00 $0.00 0 $0.00 $0.00 220 $14.50 $3,190.00 10-Jan 220 $14.50 $3,190.00 0 $0.00 $0.00 170 $14.50 $2,465.00 50 $14.50 $725.00 20-Jan 50 $14.50 $725.00 170 $13.50 $2,295.00 0 $0.00 $0.00 50 $14.50 $725.00 170 $13.50 $2,295.00 25-Jan 50 $14.50 $725.00 0 $0.00 $0.00 35 $14.50 $507.50 15 $14.50 $217.50 170 $13.50 $2,295.00 165 $13.50 $2,227.50 5 $13.50 $67.50 30-Jan 15 $14.50 $217.50 340 $13.00 $4,420.00 0 $0.00 $0.00 15 $14.50 $217.50 5 $13.50 $67.50 5 $13.50 $67.50 340 $13.00 $4,420.00 Total 370 $5,200.00 360 $4,705.00

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