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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does no 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 Retail Jan. 1 Beginning inventory 235 unitse $16.00 - $ 3,760 Jan. 10 Sales 185 units $25.00 Jan. 20 Purchase 180 unitse $15.00 - 2,700 Jan. 25 Sales 200 units 25.00 Jan. 30 Purchase 370 unitse $14.50 - 5,365 Totals 785 units $11,825 385 units The Company uses a perpetual inventory system. For specific identitication, ending inventory consists of 400 units. wpere 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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. Complete this question by entering your answers in the tabs below. 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 to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Unit Activity Units Units Sold Unit Cost COGS Purchase Date Ending Inventory Ending Cost Ending Inventory. Per Inventory. Units Unit Cost 20 $ 16.00 S 320 Cost Jan. 1 Beginning Inventory 235 $ 60,160 3700 $ 16.00 2700 $ 15.00 $ 40,500 5 180 $ $ 15.00 Purchase 75 Jan 20 16.00 $ 15.00 $ 14.50 370 $ 77,793 $ 5365 S 1450 190 $ 14.50 Purchase Jan. 30 2.755 $ 785 11.825 215 $ 3,150 78,453 Reque Required 2 > 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 places.) Weighted Average - Perpetual Goods Purchased Cost # of Date por units unit January 1 #of units sold Cost of Goods Sold Cost Cost of per Goods Sold Inventory Balance Cost Inventory of units per Balance unit $ 235 @ $3.700.00 16.00 unit January 10 January 20 Average cost January 25 January 30 Totals (Required 1 Required 3 > 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 FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Cost #of units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per Sold Date ff of units Inventory Balance Cost Inventory por Balance unit $ $16.00 3.760.00 unit January 1 235 @ January 10 January 20 180.00 180.00 January 25 January 30 370.00 Totals Complete this question by entering your answers in the tabs below. 28 points 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 #of Cost per Cost of Goods Sold # of units Cost Cost of sold per Goods Sold unit Inventory Balance Cost Inventory per Balance Date # of units January 1 235 $16.00 3,780.00 January 10 January 20 January 25 January 30 Totais
