Perpetual Inventory System Assignment | Top Universities

Laker Company reported the following January purchases and sales data for its only product Units Required at Cost 240 unit $16.50 – $3.960 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Parehase Jan. 25 Sales Jan. 30 Purchase Totale 170 unital $15.50 – 2,635 190 units $25.50 190 units e $25.50 $15.00 – 380 units 790 units 5,700 $12,295 380 units The Company uses a perpetual inventory system. For specific identification, the ending Inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25[ 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 question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Unit Units Cost Per Purchase Date Activity Units Unit Cost COGS Inventory Cost Inventory Units Sold Cost. Get Accounting Homework Help Today