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 Acquired at Cost 180 units@ $10.50 = $1,899 Units sold at Retail 140 units @ $19.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $ 9.50 - 1,045 130 units @ $19.50 260 units@ $ 9.00 = 2,340 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 6-3 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 questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Required 2 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 Ending Inventory Cost Per Ending Inventory- Inventory- Unit Units Cost Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory 180 $ 10.50 $ 9.50 Jan. 20 Purchase 110 Jan. 30 Purchase 260 $ 9.00 550 0 $ 0 0 $ 0 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 Inventory Balance Cost of Goods Sold # of units Cost per Cost of Goods unit Sold sold # of units Cost per unit Cost per Date # of units Inventory Balance unit January 1 180 @ $ 10.50 = $1,890.00 January 10 January 20 Average cost January 25 January 30 Totals Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per Cost of Goods Sold # of units unit unit unit Inventory Balance $ 1,890.00 January 1 180 @ $ 10.50 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Inventory unit Balance # of units Cost per Date unit January 1 180 @ $ 10.50 1,890.00 January 10 January 20 January 25 January 30 Totals
