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 385 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 225 units @ $ 15.88 = $ 3,375 January 10 Sales 175 units $24.00 January 20 Purchase 180 units @ $ 14.00 = 2,520 January 25 Sales 210 units $ 24.00 January 30 Purchase 385 units @ $ 12.00 4,620 Totals 790 units $ 10,515 385 units Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost ossigned 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. Craft Weighted FIFO LIFO 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 ld Weighted FIFO LIFO Average 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 Activity of units Cost Per # of units Cost Per Unit COGS Cost Pernit sold Ending Inventory Unit Units Inventory. Cost January 1 Beginning inventory 225 January 20 Purchase 100 January 30 Purchase 385 790 0 $ 0 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.) Inventory Balance Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Cost per # of units of units Cost per Cost of Goods unit sold unit Sold Date # of units Cost per unit Inventory Balance 225 at $ 15.00 = 3,375.00 January 1 January 10 January 20 inces Average cost January 20 anuary 25 January 30 Totals Required information Weighted Specific Id FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units Cost per Cost of Goods Cost per Inventory Balance # of units # of units unit sold unit Sold unit January 1 225 at $15.00 = $ 3,375.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals ( Weighted Average LIFO > 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 # of units Inventory Balance Cost per Inventory Balance unit $15.00 - $ 3,375.00 January 1 225 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
