Ch 05 Ex 5-3 A Saved Help Save & Exit Submit Check my work 1 28 points Required information Use the following information for the Exercises 3-7 below. (Algo) (The following information applies to the questions displayed below.] 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 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. eBook Hint Units Acquired at Cost 170 units @ $ 9.50 = $ 1,615 Units sold at Retail Ask 130 units @ $ 18.50 Date January 1 January 10 January 20 January 25 January 30 Print Activities Beginning inventory Sales Purchase Sales Purchase Totals 120 units @ $ 8.50 - 1,020 130 units $ 18.50 Raforence $ 8.00 = 260 units 550 units 2,080 $ 4,715 260 units Exercise 5-3 (Algo) 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. Mc Graw Hill Ch 05 Ex 5-3 A Saved Help Save & Exit Submit Check my work 1 --- . Required information 1 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. 28 points Complete this question by entering your answers in the tabs below. eBook Hint Specific Id Weighted Average FIFO LIFO Ask Print Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Raferences Specific Identification Cost of Goods Sold Available for Sale Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units Cost Per Unit Ending Inventory Units COGS sold Cost Per Unit Ending Inventory- Cost 9.50 130 $ 9.50 $ S 1,235 January 1 January 20 January 30 Beginning inventory Purchase Purchase 170 s 120 S 8.50 260 $ 8.00 8.00 260 $ 260 2,080 2,080 550 130 S 1,235 S Mc Graw Hill Ch 05 Ex 5-3 A Saved Help Save & Exit Submit Check my work 1 Required information 28 points Specific ld Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) eBook Hint Inventory Balance Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Cost per # of units Cost per Cost of Goods # of units unit sold unit Sold Ask Date # of units Cost per unit Inventory Balance Print January 1 170 at $ 9.50 = $ 1,615.00 Raferences January 10 January 20 Average cost January 20 January 25 January 30 Totals Mc Graw Hill Ch 05 Ex 5-3 A Saved Help Save & Exit Submit Check my work 1 Required information 28 points Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. eBook Hint Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Goods Purchased # of units Cost per unit Date Ask # of units Cost per Inventory Balance unit Print January 1 170 at $ 9.50 - $ = 1.615.00 Raforances January 10 January 20 Total January 20 January 25 Total January 25 Mc Graw Hill Ch 05 Ex 5-3 A Saved Help Save & Exit Submit Check my work 1 Required information Specific Id 28 points Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. eBook Hint Perpetual LIFO: : Goods Purchased Cost of Goods Sold # of units Cost per # of units Cost per Cost of Goods unit sold unit Sold Date Inventory Balance Cost per Inventory Balance unit Ask # of units Print January 1 170 at $ 9.50 = S 1,615.00 Raforences January 10 January 20 Total January 20 January 25 Total January 25 1 Mc Graw Hill