Exercise 5-3 Perpetual: Inventory costing methods LO P1

Required information 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. Units Acquired at Cost Date an. 1 Beginning inven Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 180 units$24.5 220 units$24.50 400 units Activities 230 units @ $15.5 $ 3,565 190 units $14.502,755 360 units$14.005,040 Totals 780 units $11,360 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 FIFC 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFC Required 1 Required 2 Required 3Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold #of units Cost per Inventory unit Date Balance $1550|#| 3.56 January 1 January 10 January 20 January 25 January 30 Totals Required 2 Required 4