Exercise 5-3 Perpetual: Inventory costing methods LO P1[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product. DateActivitiesUnits Acquired at CostUnits sold at Retail Jan.1 Beginning Inventory140 units@$6.00 =$840 Jan.10 Sales100 units@$15 Jan.20 Purchase60 units@$5.00 =300 Jan.25 Sales80 units@$15 Jan.30 Purchase180 units@$4.50 =810 Totals380 units$1,950180 units Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase and 20 are from the January 20 purchase.rev: 11_27_2014_QC_58242, 01_20_2015_QC_CS-3903References Section BreakExercise 5-3 Perpetual: Inventory costing methods LO P1 2. Required information Exercise 5-3 Part 11.Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. rev: 01_20_2015_QC_CS-3903, 01_21_2015_QC_CS-3903Hints References eBook & Resources Hint #1Ask your instructor a questionCheck my work 3. Required information Exercise 5-3 Part 22.Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.(Round cost per unit to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.)rev: 08_14_2013_QC_33636 Hints References eBook & Resources Hint #1Ask your instructor a questionCheck my work 4. Required information Exercise 5-3 Part 33.Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Hints References eBook & Resources Hint #1Ask your instructor a questionCheck my work 5. Required information Exercise 5-3 Part 44.Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
