Exercise 5-3 Algo Perpetual: Inventory costing methods LO P1

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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory Date Ativities Units equired at Coat Unita sold at Road January 1 Beginning inventory 155 units $8.00 $1,240 January 10 15 unit $ 17.00 January 20 Parehase 90 units January 25 Sales 95 units $1.00 January 10 210 unite Total 455 unit $3,235 Slow $7.00 Purchase 56.50 126 210 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to onding inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using wolghted average 3. Determine the cost assioned to ending inventory and to cost of goods sold using FIFO Specificid 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.) Goods Purchased Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance Date w of units Cost per unit #of units sold Cost per unit Cost of Goods Sold of units Cost per unit Inventory Balance January 1 155 at 5 8.00 $ 1.240.00 January 10 115fts 17.00 $ 1,955.00 115 at 5 7.00) S 805.00 90 at 3700 January 20 $ $15 at $ 90 % 7.00 7.00 Average cost January 20 January 25 805.00 630.00 1,435.00 205 at $ January 30 Totato 1.055.00 Required information Date Goods Purchase Cost per # of units unit Perpetual FIFO Cost of Goods Sold #of units Cost per Cost of Goods sold Sold unit Inventory Balance of units Cost per unit Inventory Balance 155 at $ 8.00 $ 1,240.00 January 1 January 10 January 20 Total January 20 nos January 25 Total January 25 January 30 Required Information 2 Date Goods Purchased # of units unit Perpetual LIFO: Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Cost per # of units Inventory Balance Cost per unit Inventory Balance $ 8.00 - $ 1 240.00 January 155 at January 10 January 20 Total January 20 January 25 Totul January 25 January 30 Totais