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 Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan. 1 175 $ 10.00 150 $ 10.00 $ 1,500 Beginning inventory Purchase Ending Inventory Ending Cost Per Ending Inventory- Inventory- Unit Units Cost 25 $ 10.00 $ 250 5 $ 9.00 $ 45 250 $ 8.50 $ 2,125 280 $ 2,420 Jan. 20 130 $ 9.00 125 $ 9.00 $ 1,125 Jan. 30 Purchase $ 8.50 0 250 555 275 $ 2,625 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: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold unit Inventory Balance # of units unit January 1 175 @ $ 10.00 = $ 1,750.00 January 10 135 @ $ 10.00 = $ 1,350.00 January 20 130 @ $ 9.00 135 @ $ 10.00 = $ 1,350.00 130 @ $ 9.00 1.170.00 $ 2,520.00 Average cost 265 @ January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold # of units Cost per unit unit Inventory Balance January 1 175 @ $ 10.00 = $ 1,750.00 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Inventory # of units unit Balance Cost per Date January 1 175 @ $ 10.00 = $ 1,750.00 January 10 January 20 January 25 January 30 Totals ! Required information Use the following information for the Exercises below. [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 175 units @ $10.00 = $1,750 135 units @ $19.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $ 9.00 1, 170 140 units @ $19.00 $ 8.50 = 250 units @ 555 units 2, 125 $5,045 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory