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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 120 units $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Total Units Acquired at Cost 160 unitse $8.50 = $1,360 100 unitse $7.50 - 750 220 units $7.00 - 1.540 480 units $3,650 120 units e $17.50 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, whele 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 Recuired 2 Required 3 Required 4 Required information 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 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost Ending Inventory Ending Cost Per Ending Inventory Inventory. Unit Units Cost COGS Jan. 1 Jan. 20 Jan 30 Beginning inventory Purchase Purchase 160 $8.50 1001 5 7.50 220 $ 7.00 480 0 0 $ 0 Required Required 2 > Required information 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 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Inventory Balance Cost per Welghted Average - Perpetual Goods Purchased Date #of units unit January 1 January 10 Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units Cost per Inventory Balance unit 160 @ $ 8.50 = $1.360.00 January 20 Average cost January 25 January 30 Totals Required information Required 1 Required 2 Required 3 R&quired 4 Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods units unit Cost per sold unit #of units Inventory Sold unit Balance January 1 160 @ $ 8.50 - $ 1,360.00 January 10 January 20 January 25 January 30 Totals
