Exercise 5-3 Perpetual: Inventory costing methods LO P1 [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 180 units @ $ 7.60 = $ 1,368 Jan. 10 Sales 105 units @ $ 15.60 Jan. 20 Purchase 250 units @ $ 6.60 = 1,650 Jan. 25 Sales 175 units @ $ 15.60 Jan. 30 Purchase 120 units @ $ 5.60 = 672 Totals 550 units $ 3,690 280 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 120 are from the January 30 purchase, 80 are from the January 20 purchase, and 70 are from beginning inventory.

Required:

The company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 120 are from the January 30 purchase, 80 are from the January 20 purchase, and 70 are from beginning inventory.

Exercise 5-3 Part 1

1.

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.)

Exercise 5-3 Part 2

2.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)

Exercise 5-3 Part 4

4.

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)

Exercise 5-3 Part 1

1.	Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.)

Exercise 5-3 Part 2

2.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Exercise 5-3 Part 3

3.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)

Exercise 5-3 Part 4

4.	Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)