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 Aequired at Cost 185 units@ $11.00 - $2,035 Units sold at Retail 145 units @ $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units@ $10.00 - 1,000 125 units @ $20.00 270 unitae $ 9.50 - 555 units 2,565 $5,600 270 units The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. Exercise 5-5A Perpetual: Inventory costing LO P3 Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Required Information 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 costs assigned to ending inventory and to cost of goods sold using specific identification. - Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Inventory Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase 185 100 270 555 Purchase 0 Required 2 > Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per u Weighted Average - Perpetual: Goods Purchased # of Date Cost per units unit Cost of Goods Sold # of Cost per Cost of Goods units unit un sold Inventory Balance Cost per Inventory # of units unit Balance January 1 185 @ $ 11.00 = $2,035.00 January 10 January 20 Average cost January 25 January 30 Totals (Required 1 Required 3 > Required information Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost per # of units Cost per Cost of Goods units unit sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 185 @ $ 11.00 2 .035.00 January 1 January 10 January 20 January 25 January 30 Totals Required information Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 185 @ $ 11.00 - 2,035.00 January 1 January 10 January 20 January 25 January 30 Totals
