Required information Use the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date Units Acquired at Cost 150 units @ $ 7.50 = Units sold at Retail $ 1,125 110 units @ $ 16.50 January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 80 units @ $ 6.50 = 520 90 units @ $ 16.50 @ $ 6.00 = 200 units 430 units 1,200 $ 2,845 200 units Exercise 5-3 (Algo) 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. 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Cost of Goods Sold Available for Sale Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS 150 $ 7.50 $ 7.50 $ 938 January 1 January 20 January 30 Beginning inventory Purchase Purchase 125 75 Ending Inventory Ending Ending Inventory- Cost Per Unit Units Inventory - Cost 25 $ 7.50 $ 188 5 $ 6.50 33 200 $ 6.00 1,200 230 $ 1,421 80 $ $ 6.50 488 6.50 6.00 200 $ 430 200 $ 1,426 Specific Id Weighted Average FIFO LIFO 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: Cost of Goods Sold Goods Purchased Inventory Balance Date Cost per # of units Cost per unit # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 150 at $ 7.50 = $ 1,125.00 January 10 110 at $ 7.50 $ 825.00 40 at $ 7.50 $ 300.00 80l at $ 6.50 40 at $ 7.50 = $ January 20 80 at $ 6.50 = 300.00 520.00 820.00 Average cost January 20 120 at $ 6.83 $ January 25 90 at $ 6.83 = $ 614.70 30 at $ 6.83 = $ 204.90 200) at $ 6.00 30 at $ 6.83 = $ January 30 $ 6.00 = 200 at 230 at 204.90 1,200.00 1,404.90 Totals $ 1,439.70 $ Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per unit Inventory Balance # of units January 1 150 at $ 7.50 = $ 1,125.00 January 10 110 at $ 7.50 = $ 825.00 40 at $ 7.50 = $ 300.00 80 at $ 6.50 401 at $ 7.50 = $ 300.00 January 20 80 at $ 6.50 = 520.00 Total January 20 $ 820.00 40 at $ 7.50 = $ 300.00 at $ 7.50 January 25 50 at $ 6.50 11 = 325.00 30 at $ 6.50 = $ 195.00 Total January 25 $ 625.00 $ 195.00 2001 at $ 6.00 30 at $ 7.50 $ 225.00 January 30 $ 6.50 200 at 230 at 1,300.00 1,380.00 $ 6.00 Totals $ 1,450.00 $ 2,905.00 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Date Cost per Cost per # of units # of units unit unit Inventory Balance January 1 150 at $ 7.50 $ 1,125.00 January 10 110 at $ 7.50 = $ 825.00 40 at $ 7.50 = $ 300.00 80 at $ 6.50 40 at $ 7.50 = $ 300.00 January 20 80 at $ 6.50 = 520.00 Total January 20 $ 820.00 80 at $ 6.50 = $ 520.00 at $ 7.50 = January 25 10 at $ 7.50 = 75.00 at $ 6.50 = Total January 25 $ 595.00 200 at $ 6.00 30 at $ 7.50 $ 225.00 January 30 200) at $ 6.50 = 1,300.00 230 at $ 6.00 = 1,380.00 Totals $1,420.00 $ 2,905.00
