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Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

Assume the perpetual inventory system is used.

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 costof 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

Required information Use the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed bolow] Laker Company reported the following January purchases and soles data for its only product. For specific identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning invemtory: Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to endinqunentory and cost of goods sold using specific identificatian. 2. Determine the cost assigned to ending invenfory and to costrof goods sold using weighted average. 3. Determine the cost assigned to encing inventory and to cost of goods sold using Fifo. 4. Determine the cost assigned to ending inventory ard to cost of goods sold using tifo Complete this question by entering your answers in the tatis below. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. termine the cost assigned to ending inventory and to cost of goods sold using LFO. 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. Compiete the table to determine the cost assigned to ending inventory and cost of poods sold using specific identefication Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using weighted averoge. Note: Round cost per unit to 2 decimal places

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