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.

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. Activities Units Acquired at Cost Units sold at Retail 120 units $17.50 120 units 17.50 Date Jan. 1 Beginning inventory160 unitse $8.50 $1,360 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 100 unitse $7.50750 220 unitse $7.00,540 Totals 480 units $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 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. Activities Units Acquired at Cost Units sold at Retail 120 units $17.50 120 units 17.50 Date Jan. 1 Beginning inventory160 unitse $8.50 $1,360 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 100 unitse $7.50750 220 unitse $7.00,540 Totals 480 units $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory