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Date Exercise 6-3 Perpetual: Inventory costing methods Laker Company reported the following Jannaty purchases and sales data for its only product. Activites Units Acquired et
Date Exercise 6-3 Perpetual: Inventory costing methods Laker Company reported the following Jannaty purchases and sales data for its only product. Activites Units Acquired et Costunts Sold at Retail Jan. 1 Beginning intory 140 units 6.00 - $ 840 100 units $25 Jan. 30 Purchase 60 units 15.00 - 300 Jasa Sale Jan. 30 March 180 units @ 450 310 Totale 280 units $1.990 o unite Required The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (at) specific identification, () weighted average () FIFO, and (c) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, s are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-5A Periodic: Inventory costing P3 Refer to the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) 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
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