Exercise 5-3 (Algo) 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.

Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] 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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Units sold at Retail. Activities Beginning inventory Units Acquired at Cost 230 units @ $15.50 = $14.50 = January 1 January 10 January 20 January 25 January 30 $24.50 Sales Purchase Sales 190 units @ $ 3,565 2,755 5,600 180 units @ 220 units @ $ 24.50 Purchase $ 14.00 = 400 units @ 820 units Totals. $ 11,920 400 units Exercise 5-3 (Algo) 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 question by entering your answers in the tabs below. Datorming the cost seriened to andine inventory and to cart of monde cold using weighted sUAYANA Required information Complete this question by entering your answers in the tabs below. Weighted Specific Id FIFO LIFO Average 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 Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units January 1 Beginning inventory January 20 Purchase January 30 Purchase # of units 230 190 400 820 Ending Inventory Cost Per Unit Ending Inventory- Cost Required information Weighted Specific Id FIFO LIFO 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: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units # of units sold Cost per unit # of units Cost per unit Inventory Balance January 1 $ 15.50 $ 3,565.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals FIFO > Cost per unit Cost of Goods Sold