Check my work check My Work button is now enabled1
Item 1
Item 1 Part 1 of 2 1.66 points
Required information
Use the following information for the Exercises below.
[The following information applies to the questionsdisplayed below.]
Laker Company reported the following January purchases and salesdata for its only product.
| Date | | Activities | Units Acquired at Cost | Units sold at Retail |
| Jan. | 1 | | Beginning inventory | 155 | units | @ | $ | 8.00 | = | $ | 1,240 | | | | | | | |
| Jan. | 10 | | Sales | | | | | | | | | | 115 | units | @ | $ | 17.00 | |
| Jan. | 20 | | Purchase | 90 | units | @ | $ | 7.00 | = | | 630 | | | | | | | |
| Jan. | 25 | | Sales | | | | | | | | | | 95 | units | @ | $ | 17.00 | |
| Jan. | 30 | | Purchase | 210 | units | @ | $ | 6.50 | = | | 1,365 | | | | | | | |
| | | Totals | 455 | units | | | | | $ | 3,235 | | 210 | units | | | | |
|
The Company uses a perpetual inventory system. For specificidentification, ending inventory consists of 245 units, where 210are from the January 30 purchase, 5 are from the January 20purchase, and 30 are from beginning inventory.
Exercise 5-3 Perpetual: Inventory costing methods LO P1
Required:
1. Complete the table to determine the costassigned to ending inventory and cost of goods sold using specificidentification.
2. Determine the cost assigned to ending inventoryand to cost of goods sold using a weighted average.
3. Determine the cost assigned to ending inventoryand to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventoryand to cost of goods sold using LIFO.
