Question

Help Seve & Exit Sul Check my we 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. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 125 units @ $18.00 Date - Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.89 - 880 125 units @ $18.00 $7.50 - 239 units @ 505 units 1.725 $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units. where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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. < Prev 2 of 3 Next >

i started answering it but im real confused on parts 2,3, and 4

Answer 1

2.

Weighted Average-Perpetual:
	Goods Purchased		Cost of Goods Sold			Inventory Balance
Date	# of units	Cost per unit	# of units sold	Cost per unit	Cost of Goods Sold	# of units	Cost per unit	Inventory Balance
Jan-01						165	9.00	1485.00
Jan-10			125	9.00	1125.00	40	9.00	360.00
Jan-20	110	8.00				150	8.27	1240.00
Jan-25			125	8.27	1033.75	25	8.27	206.25
Jan-30	230	7.50				255	7.57	1931.25
	340		250		2158.75	255		1931.25

3.

Perpetual FIFO:
	Goods Purchased		Cost of Goods Sold			Inventory Balance
Date	# of units	Cost per unit	# of units sold	Cost per unit	Cost of Goods Sold	# of units	Cost per unit	Inventory Balance
Jan-01						165	9.00	1485.00
Jan-10			125	9.00	1125.00	40	9.00	360.00
Jan-20	110	8.00				40	9.00	360.00
						110	8.00	880.00
Jan-25			40	9.00	360.00
			85	8.00	680.00	25	8.00	200.00
Jan-30	230	7.50				25	8.00	200.00
						230	7.50	1725.00
	340		250		2165.00	255		1925.00

4.

Perpetual LIFO:
	Goods Purchased		Cost of Goods Sold			Inventory Balance
Date	# of units	Cost per unit	# of units sold	Cost per unit	Cost of Goods Sold	# of units	Cost per unit	Inventory Balance
Jan-01						165	9.00	1485.00
Jan-10			125	9.00	1125.00	40	9.00	360.00
Jan-20	110	8.0				40	9.00	360.00
						110	8.00	880.00
Jan-25			110	8.00	880.00
			15	9.00	135.00	25	9.00	225.00
Jan-30	230	7.50				25	9.00	225.00
						230	7.50	1725.00
	340		250		2140.00	255		1950.00