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. Activities Date Dan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost 210 units $13.50$2,835 150 units $12.50 -1,875 units @ $.12.00= 3,840 Units sold at Retail 160 units$22.50 180 units $22.50 340 units Totals 680 units $8,550 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory Ending Unit Units Cost Purchase Date Activity Unit Cost COGS Inventory- Sold Unit Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 210 150 320 680 Required 1 Required 2 Complete this questions by entering your answers in the below tabs. Required 1Required 2 E Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average- Perpetual: Goods Purchase ost of Goods Sold Inventory Balance Cost perunits sold Cost per Cost of Goods ost per Inventory unit 0 Date # of units units unit unit Sold Balance January 1 January 10 January 20 210$ 13.50$2,835.00 Average cost January 25 January 30 Totals Required 1 Required 3 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: s Purchase st of Goods Sold Inventory Balance Cost per unit # of units sold Cost of Goods | Sold | Cost per | Cost per Inventory Balance 0 Date # of units unit units unit $ 13.50 | # | 2.835 0 January 1 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: Goods Purchased st of Goods Sold Inventory Balance Cost per # of units sold | Cost per | Cost of Goods | # of units | unit Cost per Inventory Balance 0 Date units unit unit Sold January 1 January 10 January 20 21013.50 2,835.00 January 25 January 30 Totals Required 3 Required 4
