Exercise 5-3 Perpetual: Inventory costing methods LO P1

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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	140	units	@	$	6.00	=	$	840
Jan.	10	Sales										100	units	@	$	15
Jan.	20	Purchase	60	units	@	$	5.00	=		300
Jan.	25	Sales										80	units	@	$	15
Jan.	30	Purchase	180	units	@	$	4.50	=		810
		Totals	380	units					$	1,950		180	units

Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase and 20 are from the January 20 purchase.

rev: 11_27_2014_QC_58242, 01_20_2015_QC_CS-3903

References Section BreakExercise 5-3 Perpetual: Inventory costing methods LO P1

2. Required information

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.

rev: 01_20_2015_QC_CS-3903, 01_21_2015_QC_CS-3903

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3. Required information

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. Amounts to be deducted should be indicated with a minus sign.)

rev: 08_14_2013_QC_33636 Hints References eBook & Resources Hint #1Ask your instructor a questionCheck my work

4. Required information

Exercise 5-3 Part 3

3.	Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

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5. Required information

Exercise 5-3 Part 4

4.	Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.