$\backslash (!\backslash )$

Required information

Use the following information for the Exercises 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. For specific identification, ending inventory consists of $340$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline Date & Activities & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Units Acquired at Cost$\}$ & $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Units sold at Retail$\}\backslash \backslash$

$\backslash$hline January $1$ & Beginning inventory & $210$ units & @ $\backslash$$ $\backslash (13\mathrm{.}50=\backslash )$ & $\backslash$$ $2,835$ & & & & $\backslash \backslash$

$\backslash$hline January $10$ & Sales & & & & $160$ units & @ & $\backslash$$ & $22\mathrm{.}50\backslash \backslash$

$\backslash$hline January $20$ & Purchase & $150$ units & @ $\backslash$$ $\backslash (12\mathrm{.}50=\backslash )$ & $1,875$ & & & & $\backslash \backslash$

$\backslash$hline January $25$ & Sales & & & & $180$ units & @ & $\backslash$$ & $22\mathrm{.}50\backslash \backslash$

$\backslash$hline January $30$ & Purchase & $340$ units & @ $\backslash$$ $\backslash (12\mathrm{.}00=\backslash )$ & $4,080$ & & & & $\backslash \backslash$

$\backslash$hline & Totals & $700$ units & & $\backslash$$ $8,790$ & $340$ units & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Exercise $6-3($Algo$)$ Perpetual: Inventory costing methods LO P$1$

Assume the perpetual inventory system is used.

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 Identification

Weighted

Average

FIFO

LIFO

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

Note: Round cost per unit to $2$ decimal places.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{13\}\{|$c$|\}\{$Weighted Average $-$ Perpetual:$\}\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$b$]\{2\}\{*\}\{$Date$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Goods Purchased$\}$ & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Cost of Goods Sold$\}$ & $\backslash$multicolumn$\{7\}\{|$c$|\}\{$Inventory Balance$\}\backslash \backslash$

$\backslash$hline & $\backslash$# of units & Cost per unit & $\backslash [$

$\backslash$begin$\{$array$\}\{$l$\}$

$\backslash$text $\{\backslash$# of units $\}\backslash \backslash$

$\backslash$text $\{$ sold $\}$

$\backslash$end$\{$array$\}$

$\backslash ]$ & Cost per unit & Cost of Goods Sold & $\backslash$multicolumn$\{2\}\{|$l$|\}\{\backslash$# of units$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Cost per unit$\}$ & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Inventory Balance$\}\backslash \backslash$

$\backslash$hline January $1$ & & & & & & $210$ & at & $\backslash$$ & $13\mathrm{.}50$ & $=$ & $\backslash$$ & $2,835\mathrm{.}00\backslash \backslash$

$\backslash$hline January $10$ & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$b$]\{2\}\{*\}\{$January $20\}$ & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline Average cost January $20$ & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline January $25$ & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$b$]\{2\}\{*\}\{$January $30\}$ & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline Totals & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

FIFO