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 Acquired at Cost Jan. 1 Beginning inventory 180 units $10.50$1,890 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 140 units $19.50 130 units $19.50 110 units@ $ 9.se = 1,845 260 units@ $ 9.00= 55 units 2,34 $5,275 270 units Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 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: 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 Required1Required 2 Required 3Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Specific Identificatio Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory Ending Unit Cost Units Sold Purchase Date Activity Units Unit Cost COGS Inventory- Unit Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 180 110 260 550 0 0 0 0 Required 1 Required 2 Required 1Required 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: an #of units #of Cost per units Cost per unit Cost of Goods Sold | Cost per Inventory Balance Date # of units unit unit sold 180 10.50$1,890.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: chased old Inventory Balance Cost per unit 0 #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Date # of units 180l @ | $10.50|-|1,890.00 January 1 January 10 January 20 January 25 January 30 Totals K Required 2 Required 4 Required 1 Required 2 Required 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: Inventory Balance Cost per unit ds has OS oods Sold #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Date # of units 180 $10.50 1,890.00 January 1 January 10 January 20 January 25 January 30 Totals Required 3 Required 4
