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all part of the same question. Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company
all part of the same question.
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 Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units $6.00 - $ 840 100 unito e $15 Jan. 20 Purchase 60 unitse $5.00 - 300 Jan. 25 Sales 80 unitse $15 Jan. 30 Purchase 180 unitse $4.50 - Totals 380 units $1,950 180 units Date Jan. 10 Salon 810 The 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. Exercise 5-3 Perpetual: Inventory costing methods LO P1 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 1. Complete the table to determine the cost assigned to enang inventory and cost or goods sold using specic laenuncauon. 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 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 decimat places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Unit Ending Units Units Ending Unit Cost Cost Per Cost Sold COGS Inventory Units Unit Inventory Cost Jant Beginning inventory 1401 $ 0.00 140 s 6.00 $ 840 3801 $ 6.00 $ 2.280 Jan. 20 Purchase 60 $ 5.00 60 $ 5.00 300 80s 5.00 400 Jan 30 Purchase 180 $ 4.50 180 $ 4.50 8101 380 $ 4.50 1.710 380 380 $ 1.950 340 $ 4.390 SR Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using welghted average. (Round cost per unit to 2 decim Weighted Average - Perpetual: Goods Purchased Date # of Cost per units unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per # of units Inventory unit Balance 140 @ $ 6.00 - $ 840.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required information Perpetual FIFO Date Goods Purchased # of Gost per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold unit Cost per January 1 Inventory Balance # of units Inventory unit Balance 140 @ $ 6.00 = $ 840.00 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 > Perpetual LIFO Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 140 @ $ 6.00 = $ 840.00 January 1 January 10 January 20 January 25 January 30 Totals Step by Step Solution
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