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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. Date Activities Beginning Units sold at Retall Units Acquired at Cost 140 units@ $6.00 = $ 840 Jan. Inventory 100 units@ $15 60 units@ $5.00 = 300 Jan. 10 Sales Jan.20 Purchase Jan.25 Sales Jan.30 Purchase 80 units@ $15 180 units@ $4.50 = 810 Totals 380 units $1.950 180 units Laker Company uses a perpetual Inventory system. For specific Identification, ending Inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO Answer is complete but not entirely correct. Perpetual LIFO: Date Goods purchased # of Cost units per unit Cost of Goods Sold Cost #of units sold per Cost of Goods Sold unit #of units Inventory Balance Cost per Inventory Balance unit $6.00 $ 840.00 January 1 140 @ @ 100 $6.00 600.00 January 10 January 20 40 S6.00 IS 240.00 > 60 Q $5.00 > 40 - s 240.00 plo el $6.00 $5.00 60 300.00 540.00 s January 25 = IS 20 s 40 X 40 le $6.00 $5.00 240.00 200,00 @ @ 120.00 $6.00 $5.00 Is 440.00 $ 120.00 January 30 180 $ 4.50 20 6 $ 120.00 $6.00 $5.00 $4.50 180 e Totals Is 810.00 930.00 1,040.00 s 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Answer is complete but not entirely correct. Perpetual FIFO: Goods Dutchaned of Cost units per unit Cost of Goods Sold Cost # of units sold Cost of Goods Sold unit Date per # of units Inventory Balance Cost per Inventory Balance unit $6.00 $ 840.00 January 1 140 100 $6.00 S 600.00 40 $6.00 is 240.00 January 10 January 20 De lo 60@ $5.00 5 40 le 60 $6.00 5500 240.00 300.00 540.00 $ $ * January 25 60 20 X le $6.00 55.00 360.00 100.00 460.00 2010 20 ele o $6.00 $5.00 $ 120.00 100.00 220.00 Is s January 30 180 el $4.50 16.66 x 201@ 180 @@@ S600 $5.00 $4.50 s 99.96 100.00 810 00 $ 1.009.96 Totals $ 1.060.00 Laker uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 ore from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification. (b) weighted average. (FIFO, and (LIFO. (Round cost per unit to 3 decimal places.) Answer is complete but not entirely correct. a) Spacing Identification Coat of Goods Sold Ending Inventory Cost of Good Available for Sale Cont of #of Coot per Goods unita unit Available Tor Sale 140ls 6.00 is 540 of unita sold cost per unit Cost of Goods sold $ 750 # of units Cost per in ending Inventory unit 15ls 8.00 Ending Inventory 5 125ls 6.00 S 90 Beginning Inventory Purchases Jan. 20 5.00 300 555 5.00 275 5.00 25 505 100ls 300 4.50 310 5S Is 200 180 450 810 925 Tebal 1.950 180 s 1.025 b) Average Cost Cont of Goods Sold Cost of Goode Available for Sale cost of # of Average Goods Cost per units unit Available For Sale 140 540 of units sold Average Cost per Unit cont of Goods Sold Ending Inventory of unita Average Ending in onding Cost per Inventory unit Inventory Beginning inventory Purchases Jan 20 Jan. 30 Total 00 180 380 -300 810 S4500 s 1.650 100 $ 5.000 900 200 s 5.000 1.000 CJ PIPO Ending Inventory Cont of Googn Available for tale Cout of sof cost per Goods units unit Available Tor Sale 140 5 6.00 IS 540 of unita sold Cost of Goods Sold cost per Cost of unit Goods Sold Cont per unit of unita in ending Inventory 0 Ending Inventory 1405 6.00 15 840 Beginning Inventory Purchase Jun 20 Jan 30 Total 5 5.00 300 405 5:00 200 20 S 500 100 00 160 360 S 4.50 4.50 810 1.550 100S 200 810 910 180 1.040 $ LIFO Cost of Goode Avaliable for Sale Cost of # of Gooda units unit Avaliable for Sale 100 15 6.00 1140 Cost of Goods sold Cost of Coat per unit Goods Sold sor unita sold cost per Ending Inventory of units Cont per In ending Ending unit Inventory Inventory 140 0.00 s 840 0 Beginning inven Purchase 00 S 300 . 60S 500 300 Jart 20 Jan 30 5.00 4.50 IS 810 4.50 810 150 380 1005 160 1.650 610 200 1,140

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