Laker Company reported the following January purchases and sales data for its only product For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units $ 6 00 $ 840 January 10 Sales 100 units $ 15 January 20 Purchase 60 units $ 5 00 300 January 25 Sales 80 units $ 15 January 30 Purchase 180 units $ 4 50 810 Totals 380 units $ 1,950 180 units Exercise 5 3 (Static) Perpetual Inventory costing methods LO P1 Assume the perpetual inventory system is used Required Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Determine the cost assigned to ending inventory and to cost of goods sold using weighted average Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO

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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date	Activities	Units Acquired at Cost	Units sold at Retail
January 1	Beginning inventory	140	units	@	$ 6.00	=	$ 840
January 10	Sales							100	units	@	$ 15
January 20	Purchase	60	units	@	$ 5.00	=	300
January 25	Sales							80	units	@	$ 15
January 30	Purchase	180	units	@	$ 4.50	=	810
	Totals	380	units				$ 1,950	180	units

Exercise 5-3 (Static) Perpetual: Inventory costing methods LO P1

Assume the perpetual inventory system is used.

Required:

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Step by Step Solution

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Step: 1

1 Now the table can be completed as follows Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units 600 840 January 10 Sales 100 units 15 January 20 Purchas... blur-text-image