Required information Use the following information for the Exercises 3-7 below. (Static) Skip to question [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 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 rev: 10_06_2020_QC_CS-232448 Exercise 6-3 (Static) 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.
Use the following information for the Exercises 3-7 below. (Static) [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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units sold at Retail Units Acquired at Cost 140 units @ $ 6.00 = $ 840 100 units @ $ 15 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 60 units @ $ 5.00 = 300 80 units @ $ 15 @ $ 4.50 = 180 units 380 units 810 $ 1,950 180 units Exercise 6-3 (Static) 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 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pla Inventory Balance Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold # of Cost per Cost per # of units Cost of Goods units unit unit Sold sold Date # of units Cost per unit Inventory Balance January 1 140 at $ 6.00 = $ 840.00 January 10 100 at $ 6.00 = $ 600.00 40 at $ 6.00 = $ 240.00 60 at $ 5.00 40 at $ 6.00 = January 20 60 at $ 5.00 = $ 5.40 $ 240.00 300.00 $ 540.00 100 at Average cost January 20 January 25 180 at $ 4.50 = $ 810.00 200 at $ 4.59 = $ 918.00 180 at $ 4.50 200 at January 30 $ 4.59 = $ 4.50 = 180 at 380 at $ 918.00 810.00 $1,728.00 Totals $ 1,410.00 Exercise 6-3 (Static) 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. Purchase Date Specific Identification Available for Sale Cost of Goods Sold Ending Inventory # of # of Cost Per Ending Ending Cost Per Cost Per Activity Unit units units COGS Inventory- Unit Unit Inventory- sold Units Cost Beginning inventory 140 $ 6.00 125 $ 6.00 $ 750 15 $ 6.00 $ 90 Purchase 60 $ 5.00 55 $ 5.00 275 5 $ 5.00 25 Purchase 180 $ 4.50 0 180 $ 4.50 810 380 180 $ 1,025 200 $ 925 January 1 January 20 January 30 Exercise 6-3 (Static) 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 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 # of units Inventory unit Balance January 1 140 at $ 6.00 = $ 840.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Exercise 6-3 (Static) 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 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: 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 Inventory # of units unit Balance January 1 140 at $ 6.00 = $ 840.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
