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.

Date			Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1		Beginning inventory	230	units	@	$	15.50	=	$	3,565
Jan.	10		Sales										180	units	@	$	24.50
Jan.	20		Purchase	190	units	@	$	14.50	=		2,755
Jan.	25		Sales										220	units	@	$	24.50
Jan.	30		Purchase	360	units	@	$	14.00	=		5,040
			Totals	780	units					$	11,360		400	units

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.

Required information Complete this questions by entering your answers in the below tabs Required 1Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific ldentification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory Ending Units Unit Units Sold Activity Inventory- Unit Purchase Date Unit Cost COGS Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory230 S Purchase Purchase 15.50 180$ 5.5$ 2,790 220 14.50S 3,190 190 14.50 360 14.00 780 400 S 5,98 0 Required 1 Required 2>