Check my work ! 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 Acquired at Cost 170 units@ $9.50 = $1,615 Units sold at Retail 130 units @ Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase $18.50 120 units@ $8.50 = 1,020 130 units @ $18.50 240 units@ $8.00 = 530 units 1,920 $4,555 Totals 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Unit Inventory- Units Activity Unit Cost Units Units Sold Unit Cost COGS Cost Jan. 1 170 Beginning inventory Purchase Jan. 20 120 Jan. 30 Purchase 240 530 Complete this question by entering your answers in the tabs below. 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 place Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date Cost per # of units sold # of units Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 Average cost January 25 January 30 Totals Complete this question by entering your answers in the tabs below. 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 Cost Cost per Date # of units # of units sold Cost of Goods Sold # of units Inventory Balance per unit per unit unit January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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 units Cost of Goods Sold # of units Cost Cost of Goods sold Sold Inventory Balance Cost per Inventory # of units Balance Date per unit per unit unit January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 January 25 January 30 Totals
