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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units@ $7.00 = $1,015 Jan. 10 Sales 105 units & $16.00 70 units@ $6.00 = 85 units @ $ 16.00 Jan. 30 Purchase 190 units $5.50 - 1.045 Totals 405 units $ 2,480 190 units Date 420 Jan. 20 Purchase Jan. 25 Sales The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 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 Ending Inventory Ending Cost Per Ending Inventory Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 145 $ 7.00 70 $ 6.00 190 $ 5.50 405 0 $ 0 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Cost per Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of # of Date units Cost per Cost of Goods Cost per units Inventory # of units unit sold Sold unit Balance January 1 145@ $ 7.00 = $ 1,015.00 January 10 January 20 unit Average cost January 25 January 30 Totals 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 Cost of Goods Sold Inventory Balance # of # of units Cost Cost of Goods Date Cost per Inventory # of units Sold Balance January 1 145 @ $ 7.00 = $1,015.00 units Cost per unit sold per unit unit January 10 January 20 January 25 January 30 Totals 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 # of Cost units per unit Date Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Inventory Balance Cost per Inventory # of units unit Balance 145 @ $ 7.00 = $ 1,015.00 January 1 January 10 January 20 January 25 January 30 Totals
