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 340 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 210 units @ $ 13.50 $ 2,835 160 units @ $ 22.50 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase 150 units @ $ 12.50 = 1,875 180 units @ $ 22.50 340 units @ $ 12.00 - 4,080 Totals 700 units $ 8,790 340 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. 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 Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost 210 January 1 January 20 January 30 Beginning inventory Purchase Purchase 150 340 700 Specific Id Weighted Average > 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 # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 210 at $ 13.50 = $ 2,835.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals 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 Cost of Goods sold per unit Sold Goods Purchased Cost # of units per unit Date Inventory Balance # of units Cost per unit Inventory Balance 210 at $13.50 = $ 2,835.00 January 1 $ January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO 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 Cost of Goods sold per unit Sold Date Inventory Balance Cost Inventory Balance per unit Cost per unit # of units # of units January 1 210 at $ 13.50 $ 2,835.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals FIFO LIFO >
