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 Units Acquired at Cost 160 units@ $8.50 - $1,360 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units@ $7.50 = 750 120 units @ $17.50 220 units@ $7.00 - 480 units 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 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. Answer is complete but not entirely correct. 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 cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan. 1 160 Beginning inventory Purchase Purchase $ 8.50 $ 7.50 $ 1,233 $ 713 Ending Inventory Ending Cost Ending Inventory- Per Inventory- Units Unit Cost 15$ 8.50 $ 128 5 $ 7.50 $ 38 240 X $ 7.50 $ 1,800 260 1,966 Jan. 20 Jan. 30 100 145 $ 8.50 95 $ 7.50 0 240 $ 7.50 X 220 480 $ 1,946 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 Cost Date # of units per unit January 1 Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit Inventory Balance Cost per Inventory unit # of units Balance 160 @ $ 8.50 $ 1,360.00 January 10 100 x @ $ 8.50 = $ 850.00 60 X @ $ 8.50 $ 510.00 January 20 100 @ $ 7.50 60 @ $ 8.50 = $ 510.00 100 @ $ 7.50 $ 7.88 X 750.00 $1,260.00 Average cost 160 @ January 25 120 @ $ 7.88 X = $ 945.60 20 @ $ 7.88 X = $ 157.60 January 30 220 @ $ 7.50 X 20 @ $ 7.88 $ 157.60 220 $ 7.50 $ 7.53 X 1,650.00 $ 1,807.60 Totals $ 1,795.60 240 @ Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Inventory Balance # of units Date Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit Cost per unit # of units Cost per unit Inventory Balance January 1 160 @ $ 8.50 $ 1,360.00 January 10 100 X @ $ 8.50 = $ 850.00 60 x @ $ 8.50 $ 510.00 January 20 100 @ $ 7.50 $ 8.50 $ 510.00 60 x @ 100 @ $ 7.50 750.00 $ 1,260.00 January 25 0 @ 60 @ 60 X @ $ 8.50 $ 7.50 $ 510.00 450.00 $ 8.50 $ 7.50 = 20 @ $ 150.00 $ 150.00 $ 960.00 January 30 220 @ @ $ 7.50 20 @ 220 @ $ 8.50 $ 7.50 $ 7.50 $ 170.00 1,650.00 0 X Totals $ 1,810.00 $ 1,820.00 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost Date # of units per unit January 1 Cost of Goods Sold Cost # of units Cost of Goods sold per Sold unit Inventory Balance Cost Inventory # of units per Balance unit 160 $ $ 8.50 1,360.00 60 X @ $ 8.50 $ 510.00 January 10 100 X @ $ 8.50 = $ 850.00 January 20 100 @ @ $ 7.50 60 x @ @ $ 8.50 100 @ $ 7.50 = $ 510.00 750.00 $ 1,260.00 January 25 20 @ 20 @ $ 170.00 $8.50 $ 7.50 $ 170.00 750.00 $ 920.00 $ 8.50 $ 7.50 100 @ @ 0 @ $ 170.00 January 30 220 @ $ 7.50 X $ 8.50 $ 170.00 20 @ 220 X @ 1,650.00 $ 7.50 $ 7.50 @ Totals $ 1,820.00 1,770.00
