Use the following information for the Exercises below. The following information
ID: 2518432 • Letter: U
Question
Use the following information for the Exercises below. The following information applies to the questions displeyed below Laker Company reported the following January purchases and sales data for its only product Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost 185 units 1L.00 $2.03s 100 units $10001000 270 units $950 2565 Units sold at Retai 45 units $20.00 125 units $20.00 Acsivities Totals $5.600 270 unts The Company uses a perpetual inventory system. For specific identreation, endig netry comi ts o' 2BS uts are from the Janvuary 20 purchase, and 10 are from beginning inventory 'ere 2 0 ? son-Inay 30 prchase. S Use the following Information for the Exercises below Section Break Award: 2.50 points 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 specfic identfication. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighbed 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 Cost of Goods Sold Ending ?wtory Ending Cost Pr Inventory Available for Sale ActivityUnits Cost Sold Uni ts Unit Cost C Purchase Date Cost Beginning inventory 185 Jan. 1 Jan. 20 Jan. 30 Purchase 270 Required 2Explanation / Answer
Stock statement onFIFO basis Available for Sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 01-01 185 $11.00 $2,035.00 185 $11.00 $2,035.00 10-01 145 $11.00 $1,595.00 40 $11.00 $440.00 20-01 100 $10.00 $1,000.00 40 $11.00 $440.00 100 $10.00 $1,000.00 25-01 40 $11.00 $440.00 85 $10.00 $850.00 15 $10.00 $150.00 30-01 270 $9.50 $2,565.00 15 $10.00 $150.00 270 $9.50 $2,565.00 555 $5,600.00 270 $2,885.00 285 $2,715.00 Stock statement on LIFObasis Available for Sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 01-01 185 $11.00 $2,035.00 185 $11.00 $2,035.00 10-01 145 $11.00 $1,595.00 40 $11.00 $440.00 20-01 100 $10.00 $1,000.00 40 $11.00 $440.00 100 $10.00 $1,000.00 25-01 100 $10.00 $1,000.00 25 $11.00 $275.00 15 $11.00 $165.00 30-01 270 $9.50 $2,565.00 15 $11.00 $165.00 270 $9.50 $2,565.00 555 $5,600.00 270 $2,870.00 285 $2,730.00 Stock statement on Weighted Average Available for Sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 01-01 185 $11.00 $2,035.00 185 $11.00 $2,035.00 10-01 145 $11.00 1595 40 $11.00 $440.00 20-01 100 $10.00 $1,000.00 140 $10.29 $1,440.00 25-01 125 $10.29 $1,285.71 15 $10.29 $154.29 30-01 270 $9.50 $2,565.00 285 $9.54 $2,719.29 555 $5,600.00 270 $2,880.71 285 $2,719.29 Stock statement on Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 01-01 185 $11.00 $2,035.00 175 $11.00 $2,035.00 10 $11.00 $110.00 20-01 100 $10.00 $1,000.00 95 $10.00 $950.00 5 $10.00 $50.00 30-01 270 $9.50 $2,565.00 - 270 $9.50 $2,565.00 270 $9.50 $2,565.00 555 $5,600.00 270 $2,985.00 540 $5,130.00