Use the following information for the Exercises below.

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[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								Units sold at Retail
Jan.	1		Beginning inventory	195	units	@	$	12.00	=	$	2,340
Jan.	10		Sales										155	units	@	$	21.00
Jan.	20		Purchase	120	units	@	$	11.00	=		1,320
Jan.	25		Sales										135	units	@	$	21.00
Jan.	30		Purchase	290	units	@	$	10.50	=		3,045
			Totals	605	units					$	6,705		290	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 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: 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.

WERELISYYLIVIEILUETY yn BESUESEE LEE LUVUVIVER 1 Required information Required 1 Required 2 Required 3 Required 4 Part 1 of 2 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decin 1.66 points Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit $ 12.00 January 1 195 @ $2,340.00 January 10 155 > $ 12.00 >> = $1,860.00 40 > $ 12.00 = $ 480.00 January 20 120 $11.00 40 II @ $ 480.00 120 @ $ 12.00 $ 11.00 $ 11.00 1,320.00 Average cost 160 @ $1,800.00 January 25 40 @ $ 12.00 = $ 480.00 25 > $ 11.00 $ 275.00 January 30 290 25 $ 275.00 10.50 290 @ $ 11.00 $ 10.50 $ 11.00 3,045.00 Totals $2,340.00 315 $3,320.00 $ 1,860.00 40 $ 12.00 = $ 480.00 >> January 20 120 $ 11.00 40 @ $ 480.00 $ 12.00 $11.00 120 @ = 1,320.00 $ 1,800.00 January 25 135 @ $ 12.00 II $ 1,620.00 25 X @ $ 12.00 II oooo = $ 300.00 @ II 0.00 25 $11.00 = $ 275.00 11.00 $ 1,620.00 $ 575.00 January 30 290 @ $ 10.50 25 @ $ 12.00 $11.00 $ 10.50 = 275.00 290 @ = 3,045.00 Totals $ 3,480.00 $ 3,320.00