Chapter 5 Assignment instructions I help Questions 1 - 4 (of 4) Save & Exit Submit {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 Date Activities Units Acquired at Cost Jan 1 Beginning Inventory 260 units @ $9.20 = $2,392 Jan. 10 Sales Jan. 20 Purchase 330 units $8.20 = 2,706 Jan. 25 Sales Jan. 30 Purchase 200 units @ $ 7.20 - 1,440 145 units @ $17.20 255 units @ $17.20 Totals 790 units $6,538 400 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the January 30 purchase, 80 are from the January 20 purchase, and 110 are from beginning inventory 1. value 3.00 points Required information 1. value: 3.00 points Required information 1. 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 Beginning inventory 260 $ 9.20 150 9.20 $ 1,380 Ending Inventory Ending Cost Per Ending Inventory- Inventory- Unit Units Cost 110 $ 9.20 $ 1,012 80 $ 8.20 $ 656 200 $ 7.20 1,440 390 $ 3,108 Purchase 330 $ 8.20 250 $ 8.20 $ 2,050 Jan. 20 Jan. 30 Purchase 200 $ 7.20 0 7.20 0 $ $ 790 400 3,430 Hint #1 Ask your instructor a question Check my work 2. value: 3.00 points Required information 2. 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 # of units Date Cost per unit # of units sold Inventory Balance Cost per # of units unit Cost per Cost of Goods unit Sold Inventory Balance January 1 260 @ S 9.20 = $2,392.00 January 10 145 @ $ 9.20 = $1,334.00 January 20 330 als $ 8.20 8.20 0 @ 330 @ $ 8.20 = 330 @ 2.706.00 $2,706.00 Average cost January 25 255 @ January 30 2001 $ 7.20 0 200 @s S 7.20 = 200 @ 1,440.00 Totals $1,334.00 3. value: 3.00 points Required Information 3. 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: Inventory Balance Goods Purchased Cost of Goods Sold # of units Cost per # of units sold Cost per cost of Goods unit unit Sold Date # of units Cost per Inventory unit Balance $ 9.20 = 2,392.00 January 1 260 @ January 10 January 20 January 25 January 30 Totals 4. 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 Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 260 @ $ 9.20 = $ 2,392.00 January 1 January 10 January 20 January 25 January 30 Totals
