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 200 units@ $12.50 = $2,500 160 units @ $21.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $11.50 = 1,495 140 units @ $21.50 300 units@ $11.00 = 3,300 630 units $7,295 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 Ending Cost Per Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory 200 $ 12.50 25 $ 12.50 313 Jan. 20 Purchase 130 $ 11.50 5 $ 11.50 $ 58 Jan. 30 Purchase 300 $ 11.00 300 $ 11.00 $ 3,300 3,671 630 330 $ 0 $ 0 Required 1 Required 2 > 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 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 January 1 200 @ $ 12.50 $ 2,500.00 January 10 January 20 Average cost 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 FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Inventory Balance Cost per Inventory # of units unit Balance # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per unit January 1 200 @ $ 12.50 = $ 2,500.00 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 per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per # of units Inventory unit Balance Date January 1 200 @ $ 12.50 = $ 2,500.00 January 10 January 20 January 25 January 30 Totals
