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.

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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Activities Unita Acquired at cont Units sold at Retail January 1 Beginning inventory 145 units $ 7.00 $ 1.015 January 10 Sales $ 16.00 January 20 70 units $ 6.00 - January 25 85 units $ 16.00 January 30 Totals 405 units $ 2,480 190 units Date 105 units 420 Purchase Sales Purchase 190 units $ 5.50 - 1.045 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 Required information 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. Specific Id Weighted Average LIFO FIFO Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Ending Activity Cost Par of units Ending COGS Cost Per Unit Inventory Unit sold Units Inventory Coat January 1 Beginning inventory 145 January 20 Purchase 70 January 30 Purchase 190 405 of units Cost Per Unit Weighted Average > Required information Complete this question by entering your answers in the tabs below. Specific Id 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.) Weighted Average - Perpetual Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per of units Cost per unit Inventory Balance Cost per # of units unit sold unit Cost of Goods Sold w of units January 1 145 at 7.00 1.015.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units Cost per Cost of Goods Cost per # of units # of units unit Inventory Balance sold unit Sold unit January 1 145 at $ 7.00 = $ 1,015.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per # of units Cost per cost of Goods unit sold unit # of units Sold January 1 145 at Inventory Balance Cost per Inventory Balance unit $ 7.00 - $ 1,015.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals