Seved Laker Company reported the following January purchases and sales data for its only product. Activities Jan. 1 Beginning inventory Date Units Acquired at Cost 160 units $8.50 $1,360 Units sold at Retail Jan. 10 Sales 120 units $17.50 Jan, 20 Purchase Jan. 25 Sales 100 units@ $7.50 750 120 units $17.50 Jan. 30 Purchase 220 units@ $7.00 1,540 Totals 480 units $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 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 questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Prev 1 of 1 Next Required information Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identificatio 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 2 Required 3 Required 4 Required 1 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. ces Specific Identification Ending Inventory Available for Sale Cost of Goods Sold Ending Inventory- Units Ending Inventory Cost Unit Cost Units Sold Cost Per Purchase Date Activity Units Unit Cost COGS Unit Jan 1 Beginning inventory 160 Jan. 20 Purchase 100 Jan 30 Purchase 220 480 0 0 ud Required 2 > Required information Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO Goods Purchased Inventory Balance Cost of Goods Sold # of units Cost per unit #of units sold Cost per Cost of Goods Sold Cost per Inventory Balance Date # of units unit unit January 1 160 @ S 850 1,360 00 January 10 January 20 ces January 25 January 30 Totals
