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Exercise - Perpetual: Inventory costing methods
Laker Company reported the following January purchases and sales data 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
$95 units @ $17.00
Jan. 30
210 units @ $6.50 = 1,365
Totals
455 units $3,235
210 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 Purchase, 5 are from the January 20 Purchase, and 30 are from beginning inventory.
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.
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