Question

Required information Use the following information for the Exercises below. [The following information applies to the qu...

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 240 units @ $ 16.50 = $ 3,960
Jan. 10 Sales 190 units @ $ 25.50
Jan. 20 Purchase 170 units @ $ 15.50 = 2,635
Jan. 25 Sales 190 units @ $ 25.50
Jan. 30 Purchase 380 units @ $ 15.00 = 5,700
Totals 790 units $ 12,295 380 units


The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

rev: 03_14_2019_QC_CS-162819

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.

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Answer #1

Required 1) Specific Identification Cost of goods sold Cost Available For sale Ending Inventory Cost of goods available for sRequired 2) Weighted Average - Prepetual: Goods Purchased Inventory Balance Cost per Cost of goods sold Cost per Cost per CosRequired 3) Prepetual FIFO: Inventory Balance Cost per Goods Purchased Cost of goods sold Cost per Cost per Cost of Goods InvRequired 4) Prepetual LIFO: Inventory Balance Cost per Goods Purchased Cost of goods sold Cost per Cost per Cost of Goods Inv

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