Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required information Use

Question

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.

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.

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 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>

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance Oct1 230 15.5 3565 215 15.5 3332.5 15 15.5 232.5 Purchasse 20-Jan 190 14.5 2755 185 14.5 2682.5 5 14.5 72.5 30-Jan 360 14 5040 360 14 5040 TOTAL 780 11360 400 6015 380 5345 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 230 15.5 3565 10-Jan 180 15.5 2790 50 15.5 775 20-Jan 190 14.5 2755 50 15.5 775 190 14.5 2755 AVERAGE 240 14.71 3530 25-Jan 220 14.71 3236 20 14.71 294 30-Jan 360 14 5040 20 14.71 294 360 14 5040 AVERAGE 380 14.04 5334 TOTAL 550 7795 400 6026 380 14.04 5334 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 230 15.5 3565 10-Jan 180 15.5 2790 50 15.5 775 20-Jan 190 14.5 2755 50 15.5 775 190 14.5 2755 25-Jan 50 15.5 775 170 14.5 2465 20 14.5 290 30-Jan 360 14 5040 20 14.5 290 360 14 5040 TOTAL 550 7795 400 6030 380 5330 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 230 15.5 3565 10-Jan 180 15.5 2790 50 15.5 775 20-Jan 190 14.5 2755 50 15.5 775 190 14.5 2755 25-Jan 190 14.5 2755 30 15.5 465 20 15.5 310 30-Jan 360 14 5040 20 15.5 310 360 14 5040 TOTAL 550 7795 400 6010 380 5350

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