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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 Date Activities units Acquired at cost Units sold at Retan Jan. 1 Beginning inventory 230 units $15.50 - $ 3,565 Jan. 10 Sales 180 units # $24.50 Jan. 20 Purchase 190 units $14.50 - 2,755 Jan. 25 Sales 220 units $24.50 Jan. 30 Purchase 360 units $14.00 5,040 Totals 700 units $11,360 400 units The Compony uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory 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. Answer is not complete. 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. Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification (Round cost per unit te places.) Specific Identification Avaliable for Sale Cost of Goods Sold Purchase Date Activity Unit Units Unit Cost Units Sold Ending Inventory Cost Ending Per Inventory Unit Cost COGS Ending Inventory Units Cont Jan 1 Beginning inventory 230 15.50 230 X $ 15.50 $ 3.565 Jan. 20 Purchase 190 14.50 180 > > > $14.50 $ 2.610 10 X $ 14.50 X XS $ 145 Jan. 30 Purchase 360 14.00 0 360 $ 14.00 $ 5,040 8.750 780 180 $ 2,610 600 $ Required Required 2 > no piete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pl. Weighted Average - Perpetual: Goods Purchased Cost #of Date per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit Inventory Balance Cost per Inventory unit Balance # of units January 1 230 15.50 $3,565.00 January 10 180 $2,700.00 50 @ 15.50 15.50 $ 775.00 January 20 190 CE 50 14.50 15.50 775 00 190 2.755.00 Average cost 240 14.50 $ 14.70 $3,530 00 220 $3.190.00 20 $ 300.00 14.50 15.00 January 25 January 30 300 @ 20 $ 300.00 14.00 @ @ 15.00 S 360 5,040.00 1400 Totals $5.980.00 380 14.50 35,340.00 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Cost of Goods Sold Date #or units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost 4 of units Inventory per Balance January 1 230 15.50 3,566.00 January 10 180 50 15.50 2.790.00 15.50 $ 775.00 January 20 190 14.50 50 > = 15.50 $ 775.00 190 089 14.50 2.755.00 S 3.530.00 January 25 50 15.50 $ 775.00 50 $ 15.50 $ 775.00 @ @ 190 @ 20 >> 14.50 14.50 2.755.00 $ 3,530.00 $ 290.00 S 1,065.00 January 30 360 . @ 14.00 50 @ $ 775.00 15.50 > 20 . 290.00 14 50 S 14.00 360 @ 5,040.00 Totals 6,320.00 S 6.105.00 Complete this question by entering your answers in the tabs below. its Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places) Perpetual LIFO Goods Purchased Cost of per unit Cost of Goods Sold Cost # of units Cost of per sold unit Goods Sold Date Inventory Balance Cost Inventory per unit Balance units January 1 230 $15.50 3.565.00 January 10 180 50 15,50 @ > $15.50 $ 775.00 2.790.00 January 20 190 @ 50 14.50 $15.50 $ 775.00 @ @ 190@ $ 14,50 2.755.00 3,530.00 January 25 50 $ 775.00 50 $15.50 $ 775.00 15.50 S 14.50 190 2.755.00 20 X $14.50 S 3,530.00 $ 290,00 $ 1.065.00 360 January 30 50 = $15.50 14.00 $ 775.00 20 X 360 @ @ @ $14.50 $14.00 290.00 5,040.00 $ 6.105.00 Totals 6,320.00
