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. Date Activities Units sold at Retail Units Acquired at Cost 165 units@ $9.00 = $1,485 Jan. 1 Beginning 125 units @ $18.00 110 units@ $8.00 = 880 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 125 units @ $18.00 238 units@ $7.50 = 505 units 1,725 $4,099 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 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 ca places.) Specific Identification Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory. Unit Inventory Units Cost Cost Per Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS Jan 1 165 Jan 20 Beginning inventory Purchase Purchase 110 230 Jan 30 505 Required 2 > Required information Requireal Requirea 2 Required 5 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost pe Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit #of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance $ 1,485.00 January 1 165 @ $ 9.00 = January 10 January 20 Average cost January 25 January 30 Totals Perpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units units old Sold Inventory Balance of units Cost per Inventory unit Balance Date unit January 1 165 @ $ 9.00 - $ 1,485.00 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased # of Cost per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date unit Inventory Balance # of units Cost per Inventory unit Balance 165 @ $ 9.00 - $ 1,485.00 January 1 January 10 January 20 January 25 January 30
