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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 145 units $ 7.00 - $ 1,015 January 10 Sales 105 units @ $ 16.00 January 20 Purchase 7e units @ $6.00 = January 25 Sales 85 units e January 30 190 units $ 5.50 = 1,045 Totals 405 units $ 2,488 198 units Date 420 $ 16.00 Purchase 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. 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 Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Ending Cost Per # of units Ending Activity #of units Cost Per Unit Inventory COGS Cost Per Unit Unit sold Inventory Units January 1 Beginning inventory 145 $ 7.00 January 20 Purchase 70 $ 6.00 January 30 Purchase 190S 5.50 405 0 $ 0 0 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 Goods Purchased Cost of Goods Sold Inventory.Balance Date # of units. Cost per # of units Cost per Cost of Goods Cost per unit Inventory Balance Sold January 1 145 at $ January 10 # of units unit sold unit 7.00 = S 1,015.00 January 20 Average cost January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date Perpetual FIFO Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units Cost per unit Inventory Balance # of units Cost per unit Inventory Balance 145 at $ 7.00 - $ 1,015.00 January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Date Goods Purchased Cost per # of units unit Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per unit Inventory Balance January 1 145 at $ 700 - $ 1,015.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
