Question

1 Required Information 28 Use the following information for the Exercises below. points (The following information applies to the questions displayed below] Sklpped Laker Company reported the following January purchases and sales data for its only product Date Jan. 1 Beginning inventory Jan. 10 Sales Activities Units Acquired at Cost Units sold at Retail 285 units $13.e8 $2,665 eBook 165 units $22.88 Jan. 28 Purchase Jan. 25 Sales Jan. 38 Purchase 14e units@ $12.0e 1,68e 145 units $22.80 31e units $11.se 3,565 $7,910 Hirt Totals 655 units 310 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase. 5 are from the January 20 purchase, and 30 are from beginning inventory. Print References 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. Recuired 1 Required 2 Required 3 Required 4

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Answer 1

Requirement 1. Specific Identification
		Available for sale		Cost Of Goods Sold			Ending Inventory
Purchase Date	Activity	Units	Unit Cost	Units Sold	Unit Cost	COGS	Ending Inventory Units	Cost per unit	Ending inventory Costs
Jan.1	Beginning Inventory	205	$13.00	175	$13	$2,275	30	$13.00	$390
Jan.20	Purchase	140	$12.00	135	$12	$1,620	5	$12.00	$60
Jan.30	Purchase	310	$11.50		$12	$0	310	$11.50	$3,565
	Total	655		310		$3,895	345		$4,015

Requirement 2. Weighted Average Perpetual
	Goods purchased		Cost Of Goods Sold			Inventory Balance
Date	# No Of Units	Cost per Unit	# of units sold	Cost per unit	Cost of Goods Sold	# of Units	Cost per unit	Inventory Balance
Jan.1						205	$13.00	$2,665
Jan.10			165	$13	$2,145	40	$13.00	$520
Jan.20	140	$12.00				40	$13.00	$520
						140	$12.00	$1,680
Average Cost						180	$12.22	$2,200
Jan.25			145	$12	$1,772.22	35	$12.22	$428
Jan.30	310	$11.50			$0	310	$11.50	$3,565
Average Cost						345	$11.57	$3,993
Total	450		310		$3,917
Requirement 3. Perpetual FIFO
	Goods purchased		Cost Of Goods Sold			Inventory Balance
Date	# No Of Units	Cost per Unit	# of units sold	Cost per unit	Cost of Goods Sold	# of Units	Cost per unit	Inventory Balance
Jan.1						205	$13.00	$2,665
Jan.10			165	$13	$2,145	40	$13.00	$520
Jan.20	140	$12.00				40	$13.00	$520
						140	$12.00	$1,680
Jan.25			40	$13	$520.00	0	$13.00	$0
			105	$12	$1,260.00	35	$12.00	$420
Jan.30	310	$11.50				35	$12.00	$420
						310	$11.50	$3,565
Total	450		310		$3,925	345		$3,985
Requirement 4. Perpetual LIFO
	Goods purchased		Cost Of Goods Sold			Inventory Balance
Date	# No Of Units	Cost per Unit	# of units sold	Cost per unit	Cost of Goods Sold	# of Units	Cost per unit	Inventory Balance
Jan.1						205	$13.00	$2,665
Jan.10			165	$13	$2,145	40	$13.00	$520
Jan.20	140	$12.00				40	$13.00	$520
						140	$12.00	$1,680
Jan.25			140	$12	$1,680.00	0	$12.00	$0
			5	$13	$65.00	35	$13.00	$455
Jan.30	310	$11.50				310	$11.50	$3,565
						5	$13.00	$65
Total	450		310		$3,890	315		$3,630