Question

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 Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 140 units @ $6.00 $ 840 100 units @ $ 15 60 units @ $5.00 = 300 80 units @ $ 15 180 units @ $4.50 = 818 380 units $1,950 180 units The Company uses a perpetual Inventory system. For specific Identification, ending Inventory consists of 200 units, where 180 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 FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Complete this questions by entering your answers in the below tabs. Required 1 Required 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 Identification Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory Units Unit Cost Cost Per Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS Inventory- Jan. 1 Jan. 20 Beginning inventory Purchase Purchase Jan. 30 S < Required 1 Required 2 >

Answer 1

1		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	Specific Identification	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01	140	$         6.00	$           840	125	$         6.00	$           750	15	$       6.00	$                90
	Jan-20	60	$         5.00	$           300	55	$         5.00	$           275	5	$       5.00	$                25
	Jan-30	180	$         4.50	$           810	-	$         4.50	$              -	180	$       4.50	$              810
	Total	380		$        1,950	180		$       1,025	200		$              925
2		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	Weighted - Average	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01							140	$       6.00	$              840
	Jan-10				100	$         6.00	$           600	40	$       6.00	$              240
	Jan-20	60	$         5.00	$           300				40	$       6.00	$              240
								60	$       5.00	$              300
								100	$       5.40	540
	Jan-25				80	$         5.40	$           432	20	$       5.40	$              108
	Jan-30	180	$         4.50	$           810				20	$       5.40	$              108
								180	$       4.50	$              810
	Total	240		$        1,110	180		$       1,032	200	$       4.59	$              918
3		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	FIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01							140	$       6.00	$              840
	Jan-10				100	$         6.00	$           600	40	$       6.00	$              240
	Jan-20	60	$         5.00	$           300				40	$       6.00	$              240
								60	$       5.00	$              300
	Jan-25				40	$         6.00	$           240	20	$       5.00	$              100
					40	$         5.00	$           200
	Jan-30	180	$         4.50	$           810				20	$       5.00	$              100
								180	$       4.50	$              810
	Total	240		$        1,110	180		$       1,040	200		$              910
4		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	LIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01							140	$       6.00	$              840
	Jan-10				100	$         6.00	$           600	40	$       6.00	$              240
	Jan-20	60	$         5.00	$           300				40	$       6.00	$              240
								60	$       5.00	$              300
	Jan-25				60	$         5.00	$           300	20	$       6.00	$              120
					20	$         6.00	$           120
	Jan-30	180	$         4.50	$           810				20	$       6.00	$              120
								180	$       4.50	$              810
	Total	240		$        1,110	180		$       1,020	200		$              930