Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales 165 units @ $23.00 160 units @ $13.00 = 2,080 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 705 units 4,125 $9,215 Totals 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 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. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 215 Beginning inventory Purchase 160 Jan. 20 Jan. 30 Purchase 330 705 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 # of Cost per Cost per Cost per Date # of units units Cost of Goods Sold # of units unit Inventory Balance unit unit sold January 1 215 @ $ 14.00 $ 3,010.00 January 10 January 20 Average cost January 25 January 30 Totals Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit unit January 1 215 @ $ 14.00 = $ 3,010.00 January 10 January 20 January 25 January 30 Totals Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance Date January 1 215 @ $ 14.00 = $ 3,010.00 January 10 January 20 January 25 January 30 Totals
