! 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 Activities Units Acquired at Cost 210 units $13.50 -$2,835 Units sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales 160 units e $22.50 150 units $12.50= Jan. 20 Purchase 1,875 180 units e $22.50 Jan, 30 Purchase 320 units $12.00 3,840 680 units 340 units $8,550 Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 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. Required 3 Required 4 Required 1 Required 2 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Inventory- Cost Inventory Cost Per Units Unit Cost Units Sold Units COGS Purchase Date Activity Unit Cost Unit Beginning inventory Jan. 1 210 13.50 195 13.50 2,633 13.50 15 203 Purchase 150 12.50 145 12.50 63 Jan. 20 1,813 5 12.50 Jan. 30 Purchase 320 12.00 12.00 3,840 320 680 340 $ 4,446 340 4,106 Required 2 Required 1 EA EA wwwwmm Required 1 Required 3 Required 4 Required 2 decimal places.) Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost per Cost of Goods unit Inventory Balance #of units Cost per unit Cost per unit Date units #of units Sold sold 210@ January 1 $13.50 $2,835.00 160@ 22.50 January 10 13.50 $3,600.00 0.00 January 20 Average cost January 25 January 30 Totals Required 3 Required 1 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per unit # of units Cost per unit #of units sold Cost of Goods Sold Cost per unit Inventory Balance Date of units $ 2,835.00 January 1 210 $13.50 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Cost per Cost of Goods Inventory Balance #of units sold #of units Cost per Cost per Inventory Balance Date # of units Sold unit unit unit January 1 13.50 210 2,835.00 January 10 January 20 January 25 January 30 Totals
