! 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. Units sold at Retail Units Acquired at Cost 200 units@ $12.50 = $2,500 160 units @ $21.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $11.50 = 1,495 140 units @ $21.50 300 units@ $11.00 = 630 units 3,300 $7,295 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 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. 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 c places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 200 $ 12.50 2500 Beginning inventory Purchase Jan. 20 130 1495 $ 11.50 $ 11.00 $ 12.50 $ 31,250 $ 11.50 $ 17,193 $ 11.00 $ 36,300 $ 84,743 Jan. 30 Purchase 300 3300 630 7,295 0 $ 0 Required 1 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 decim Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance unit unit January 1 200 @ $ 12.50 = $ 2,500.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 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 Inventory Balance # of Cost per Cost per Date Cost per # of units sold Cost of Goods Sold # of units Inventory Balance units unit unit unit January 1 200 @ $ 12.50 = $ 2,500.00 January 10 January 20 January 25 January 30 Totals 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 units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 200 @ $ 12.50 = $ 2,500.00 January 10 January 20 January 25 January 30 Totals
