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 140 units $6.00 S 840 Jan. 10 Sales 100 units @ $ 15 Jan. 20 Purchase 60 units 55.00 300 Jan. 25 Sales BO units 515 Jan. 30 Purchase 180 units $4.50 810 Totals 380 units $1,950 180 units The Company uses a perpetual Inventory system For specific identification ending Inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-3 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 specitic 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 told 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 Rogored Required information 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specitic 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 om places.) Specific Identification Available for Sale Purchase Date Cost of Goods Sold Ending Inventory Units Ending Ending Cost Por COGS Inventory Sold Unit Cost Unit Inventory Units CONE Activity Unit Cost Units Jan 1 Jan 20 Jan 30 Beginning inventory Purchas Purchase 140 60 190 380 Required 2 > Required information 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 te Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of # of Cost per Date Cost per Cost of Goods Inventory Cost per # of units units unit unit Sold unit Balance sold January 1 140 $6.00 = $ 840.00 January 10 January 20 units Average cost January 25 January 30 Totals Required information Required 1 Required 2 Requi 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 #of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance Cost per Inventory IF of units unit Balance 140 @ S 6.00 = S 840.00 January 1 January 10 January 20 January 25 January 30 Total Required information Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory se cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LiFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold #of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory Balance 140 @ S 6.00 = 5840.00 January 1 January 10 January 20 January 25 January 30 Total Required 3
