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								Units sold at Retail
Jan.	1		Beginning inventory	205	units	@	$	13.00	=	$	2,665
Jan.	10		Sales										165	units	@	$	22.00
Jan.	20		Purchase	140	units	@	$	12.00	=		1,680
Jan.	25		Sales										145	units	@	$	22.00
Jan.	30		Purchase	310	units	@	$	11.50	=		3,565
			Totals	655	units					$	7,910		310	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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 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.)

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Another part of this table

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)

Another part of this table

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)

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 places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- y Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 205 140 310 655 Weighted Average - Perpetual: Goods Purchased Inventory Balance # of units Date Cost per unit # of units sold Cost of Goods Sold Cost per cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 205 @ $ 13.00 = | $ 2,665.00 January 10 January 20 Average cost January 25 January 30 Totals Perpetual FIFO: 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 L 205 @ $ 13.00 - $ 2,665.00 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit | Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 205 @ $ 13.00 = $ 2,665.00 January 10 T T January 20 January 25 January 30 D January 30 Totals