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. Activities Jan. 1 Beginning inventory Date Units Acquired at Cost 165 unitse $9.00 - $1,485 Units sold at Retail Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales 125 units @ $18.00 110 unitse $8.00 - 088 125 units @ $18.00 Jan. 30 Purchase 230 unitse $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal p
Perpetual LIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Inventory
Balance
Cost per
# of units
sold
Cost of Goods
Sold
Cost per
# of
Cost per
unit
# of units
Date
unit
unit
units
165 @
2$
9.00 =
$ 1,485.00
January 1
January 10
January 20
January 25
January 30
Totals
Transcribed Image Text:Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal p Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Inventory Balance Cost per # of units sold Cost of Goods Sold Cost per # of Cost per unit # of units Date unit unit units 165 @ 2$ 9.00 = $ 1,485.00 January 1 January 10 January 20 January 25 January 30 Totals
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.
Activities
Jan. 1 Beginning inventory
Date
Units Acquired at Cost
165 unitse $9.00 - $1, 485
Units sold at Retail
Jan. 10 Sales
125 units e $18.00
Jan. 20 Purchase
110 unitse $8.00 -
880
Jan. 25 Sales
125 units @ $18.00
Jan. 30 Purchase
230 units@ $7.50 =
1,725
Totals
505 units
$4,090
250 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where
230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Prev
1
of 5
Next >
Transcribed Image Text: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. Activities Jan. 1 Beginning inventory Date Units Acquired at Cost 165 unitse $9.00 - $1, 485 Units sold at Retail Jan. 10 Sales 125 units e $18.00 Jan. 20 Purchase 110 unitse $8.00 - 880 Jan. 25 Sales 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prev 1 of 5 Next >
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