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Goods Purchased Date # of units sold 1-Jan 10-Jan at 20-Jan Total January 20 at 25-Jan at Total January 25 180 $4.50 30-Jan Totals 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Use cells A2 to L12 from the given information to complete this question.) Goods Purchased Cost per unit # of units sold Date 1-Jan 10-Jan 20-Jan Total January 20 25-Jan Total January 25 30-Jan Totals # of units 60 # of units 60 180 at at at Cost per unit $5.00 $5.00 $4.50 100 40 40 100 20 60 at at at Perpetual FIFO: Cost of Goods Sold Cost per unit $6.00 $6.00 $5.00 Cost of Goods Sold $600.00 $240.00 200 $440.00 $1,040.00 Cost of Goods Sold $600.00 $120.00 300 $420.00 $1,020.00 = = Perpetual UFO: Cost of Goods Sold Cost per unit $6.00 $6.00 $5.00 = = 40 40 60 20 20 20 180 40 40 60 20 20 20 180 # of units 140 # of units 140 at at at at at at at at at at at at at at at at at at Inventory Balance Cost per unit $6.00 $6.00 $6.00 $5.00 $6.00 = $5.00 $6.00 $5.00 $4.50 Inventory Balance Cost per unit $6.00 $6.00 $6.00 $5.00 $6.00 $5.00 $6.00 $5.00 $4.50 Inventory Balance $840.00 = $240.00 = = $240.00 300 $540.00 $100.00 $100.00 100 810 $910.00 Inventory Balance = $840.00 $240.00 = $240.00 300 = $540.00 = = $100.00 = $120.00 = = 120 810 $930.00 = = = C Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost 140 units @ $6.00 = $840 1-Jan Beginning inve ######### |Sales ########### Purchase 100 units 60 units @ $5.00 = 300 ########### Sales 80 units ########### Purchase 180 units @ $4.50 810 Totals 380 units $1,950 180 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Use cells A2 to L12 from the given information to complete this question.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost Per Unit 140 $6.00 125 $6.00 15 $6.00 1-Jan Beginning inve ########### Purchase ########### Purchase 60 $5.00 55 $5.00 275 5 $5.00 180 $4.50 180 $4.50 810 180 $4.50 380 180 $1,025 200 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Use cells A2 to L12 from the given information to complete this question.) Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Cost per unit # of units sold Cost per unit Date 1-Jan 10-Jan 100 $6.00 20-Jan $5.00 Average cost January 20 25-Jan 80 $5.40 30-Jan $4.50 Totals # of units 60 180 at at at at COGS $750 Cost of Goods Sold $600.00 $432.00 Specific Identification Data 180 5 Units sold at Retail @ Ending Inventory- Cost $90 25 810 $925 40 # of units 140 60 100 20 180 200 40 20 at at at at at at at at at 15 $15 $15 Inventory Balance Cost per unit $6.00 $6.00 $6.00 $5.00 $5.40 $5.40 $5.40 $4.50 $4.59 Inventory Balance = $840.00 $240.00 = = = = 300 $240.00 $540.00 $108.00 $108.00 810 $918.00