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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:

  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.

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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

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