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Use the following information for the Exercises below. $($Algo$)$ Required information

Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Laker Company reported the following January purchases and sales data for its only product. For specific identification,

ending inventory consists of $234$ units, where $180$ are from the January $30$ purchase, $5$ are from the January $20$ purchase,

and $49$ are from beginning inventory.

Exercise $5-5$A $($Algo$)$ Perpetual: Inventory costing LO P$3$

Assume the perpetual inventory system is used.

Required:

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

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.

Specific Id

Weighted

Average

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Id

Weighted

Average

FIFO

LIFO

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

Note: Round cost per unit to $2$ decimal places.

$\backslash$table$[[$Weighted Average $-$ Perpetual:$],[$Date$,$Goods Purchased,Cost of Goods Sold,Inventory$\_$Balance$],[\backslash$table$[[$# of$],[$units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$# of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of units,Cost per unit,Inventory Balance$],[$January $1,,,157,$@$,$$$,6\mathrm{.}00,=,$$$,942\mathrm{.}00],[$January $10],[$January $20],[$January $20,,,,,,,,,,,,],[$Average cost$],[$January $25],[$January $30],[$darlualy $30,,,,,,,,,,,,],[$Totals$,,,,,,,,,,,,]]$ Complete this question by entering your answers in the tabs below.

Weighted

Average

FIFO

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

$\backslash$table$[[$Perpetual FIFO:$],[\backslash$table$[[$Date$],[$January $1]],$Goods Purchased,Cost of Goods Sold,Inventory Balance$],[\backslash$table$[[$# of$],[$units$]],,\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$# of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of units,$\backslash$table$[[$Cost per$],[$unit$]],$Inventory Balance$],[,,,,,157,$@$,$$$6\mathrm{.}00,=,$$$,942\mathrm{.}00],[$January $10,,,,77,$@$,$$$5\mathrm{.}00,=,$$$,385\mathrm{.}00,23,$@$,$$$6\mathrm{.}00,=,$$$,138\mathrm{.}00],[$January $20],[$January $25],[$January $30,180,$@$,$$$4\mathrm{.}50,,,,,,0,,,,,],[,,,,,,,,,,,,,],[,,,,,,,,,$@$,$$$4\mathrm{.}50,,,],[$Totals$,,,,,,,,,,,,,,]]$Complete this question by entering your answers in the tabs below.

Weighted

Average

FIFO

LIFO

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Skip to question

$[$The following information applies to the questions displayed below.$]$

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of $234$ units, where $180$ are from the January $30$ purchase, $5$ are from the January $20$ purchase, and $49$ are from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail

January $1$ Beginning inventory $157$ units @ $ $6\mathrm{.}00=$ $ $942$

January $10$ Sales $83$ units @ $ $15\mathrm{.}00$

January $20$ Purchase $77$ units @ $ $5\mathrm{.}00=385$

January $25$ Sales $97$ units @ $ $15\mathrm{.}00$

January $30$ Purchase $180$ units @ $ $4\mathrm{.}50=810$

Totals $414$ units $ $2,137180$ units

Exercise $5-5$A $($Algo$)$ Perpetual: Inventory costing LO P$3$

Assume the perpetual inventory system is used.

Required:

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

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