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 175 units @ $24.00 Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 225 units@ $15.00 = $ 3,375 Jan. 10 Sales Jan. 20 Purchase 180 units@ $14.00 = 2,520 Jan. 25 Sales Jan. 30 Purchase 350 units@ $13.50 = 4,725 Totals 755 units $10, 620 210 units @ $24.00 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 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 information 1. Complete the table to determine the cost assigneu to ending inventory and cost OI goous sold using speciic identication. 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 Units Ending Inventory Ending Ending Cost Per Inventory Inventory- Units Unit Cost Purchase Date Activity Unit Cost Units Unit Cost COGS Sold Jan. 1 Jan. 20 Beginning inventory Purchase Purchase 225 180 Jan. 30 350 755 0 $ $ 0 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 Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance 225 @ $ 15.00 $3,375.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required information Perpetual FIFO: Goods Purchased Cost per # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 225 @ $ 15.00 = $3,375.00 unit January 1 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 # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 225 @ $ 15.00 = $3,375.00 January 10 January 20 January 25 January 30
