Required information Use the following information for the E

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 Dan. 1 Beginning Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost 180 units @ $15.00= 2,700 370 units $14.50 5,365 Units sold at Retail 185 units $25.00 200 units $25.00 385 units Totals 785 units $11,825 ces The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 6-3 Perpetual: Inventory costing methods LO P1 Required: 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

Solution

Closing Balance of Inventory - 400 Units @ 14.61 (5845)

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(1)	Specific Identification
	Goods Purchased	Cost of Goods Sold	Inventory Balance
Date	Units	Cost per unit	Units Sold	Cost per unit	COGS	Units	Cost per unit	Balance
Jan-01						235	16	3760
Jan-10			185	16	2960	50	16	800
Jan-20	180	15				230	15.22	3500
Jan-25			25	16	400	205	15.12	3100
Jan-25			175	15	2625	30	15.83	475
Jan-30	370	14.5				400	14.60	5840
Total	785		385
Closing Balance of Inventory - 400 Units @ 14.60 (5840)
(2)	Weighted Average
	Goods Purchased	Cost of Goods Sold	Inventory Balance
Date	Units	Cost per unit	Units Sold	Cost per unit	COGS	Units	Cost per unit	Balance
Jan-01						235	16	3760
Jan-10			185	16	2960	50	16	800
Jan-20	180	15				230	15.22	3500
Jan-25			200	15.22	3043	30	15.22	456.52
Jan-30	370	14.5				400	14.55	5,821.52
Total	785		385
Closing Balance of Inventory - 400 Units @ 14.55 (5821.52)
(3)	FIFO METHOD
	Goods Purchased	Cost of Goods Sold	Inventory Balance
Date	Units	Cost per unit	Units Sold	Cost per unit	COGS	Units	Cost per unit	Balance
Jan-01						235	16	3760
Jan-10			185	16	2960	50	16	800
Jan-20	180	15				230	15.22	3500
Jan-25			50	16.00	800	180	15.00	2,700.00
Jan-25			150	15.00	2250	30	15.00	450.00
Jan-30	370	14.5				400	14.54	5,815.00
Total	785		385
Closing Balance of Inventory - 400 Units @ 14.54 (5815)
(4)	LIFO METHOD
	Goods Purchased	Cost of Goods Sold	Inventory Balance
Date	Units	Cost per unit	Units Sold	Cost per unit	COGS	Units	Cost per unit	Balance
Jan-01						235	16	3760
Jan-10			185	16	2960	50	16	800
Jan-20	180	15				230	15.22	3500
Jan-25			180	15.00	2700	50	16.00	800.00
Jan-25			20	16.00	320	30	16.00	480.00
Jan-30	370	14.5				400	14.61	5,845.00
Total	785		385
Closing Balance of Inventory - 400 Units @ 14.61 (5845) THANK YOU PLEASE RATE MY ANSWER AND COMMENT BELOW FOR ANY QUERY.