Laker Company reported the following January purchases and sales data for its only product. The Company...
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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10: January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Specific Id Units Acquired at Cost 185 units @ $11.00 100 units @ $ 10.00- $9.50 270 units 555 units FIFO $ 2,035 1,000 2,565 $ 5,600 LIFO Units sold at Retail . 8 145 units 125 units 270 units 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 question by entering your answers in the tabs below. $ 20.00 $ 20.00 Weighted Average table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 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 question by entering your answers in the tabs below. Specific Id Purchase Date Weighted Average January 1 January 20 January 30 FIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification LIFO Available for Sale Activity Beginning invertory Purchase Purchase # of units 185 100 270 555 Cost Per Unit Cost of Goods Sold # of units sold 0 Specificid Ending Cost Per Unit COGS Inventory. Units Weighted Average > Ending Inventory 0 Cost Per Unit Ending Required information 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 question by entering your answers in the tabs below. Specific Id January 1 January 10 Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places) Weighted Average - Perpetual Cost of Goods Sold Date January 30 Totals January 20 Average cost January 20 January 25 FIFO Goods Purchased Cost per unit LIFO # of units of units sold Cost per unit Cost of Goods Sold # of units 105 at Inventory Balance Cost per unit Inventory Balance 2,035.00 11.00 Complete this question by entering your answers in the tabs below. Specific Id Date January 1 January 10 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit January 20 Total January 20 January 25 Total January 25 January 30 Totals Weighted Average FIFO Goods Purchased # of units LIFO Cost per und # of units sold Cost of Goods Sold # of units Inventory Balance Cost per unit $ 11.00- 185 at Inventory Balance 2,035.00 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10: January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Specific Id Units Acquired at Cost 185 units @ $11.00 100 units @ $ 10.00- $9.50 270 units 555 units FIFO $ 2,035 1,000 2,565 $ 5,600 LIFO Units sold at Retail . 8 145 units 125 units 270 units 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 question by entering your answers in the tabs below. $ 20.00 $ 20.00 Weighted Average table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 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 question by entering your answers in the tabs below. Specific Id Purchase Date Weighted Average January 1 January 20 January 30 FIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification LIFO Available for Sale Activity Beginning invertory Purchase Purchase # of units 185 100 270 555 Cost Per Unit Cost of Goods Sold # of units sold 0 Specificid Ending Cost Per Unit COGS Inventory. Units Weighted Average > Ending Inventory 0 Cost Per Unit Ending Required information 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 question by entering your answers in the tabs below. Specific Id January 1 January 10 Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places) Weighted Average - Perpetual Cost of Goods Sold Date January 30 Totals January 20 Average cost January 20 January 25 FIFO Goods Purchased Cost per unit LIFO # of units of units sold Cost per unit Cost of Goods Sold # of units 105 at Inventory Balance Cost per unit Inventory Balance 2,035.00 11.00 Complete this question by entering your answers in the tabs below. Specific Id Date January 1 January 10 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit January 20 Total January 20 January 25 Total January 25 January 30 Totals Weighted Average FIFO Goods Purchased # of units LIFO Cost per und # of units sold Cost of Goods Sold # of units Inventory Balance Cost per unit $ 11.00- 185 at Inventory Balance 2,035.00
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