Check my worl [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Units sold at Retail Units Acquired at Cost 190 units @ $7.00 - $1,330 150 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $6.00 - 660 130 units @ $16.00 280 units @ $5.50 - 580 units 1,540 $3,530 280 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (L weighted average. (FIFO, and (c) LIFO. Complete this questions by entering your answers in the below tabs. Required information Specific Id Weighted Average FIFO LIFO Setermine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identific 00 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning ir Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Available for Sale 190 $ 7.00 $ 1.330 Ending Inventory # of units Cost Ending in ending Invento inventory Cost per unit # of units Cost per sold unit Cost of Goods Sold per unit eginning inventory urchases 660 Jan. 20 Jan. 30 110 $ 6.00 280 S 550 580 1,540 3,530 s 0 $ 0 0 $ tal Shell Weighted Average > Required information Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. (Round cost per unit to Average Cost Cost of Goods Available for Sale Cost of Goods Sold Average Cost of Goods # of units Average Cost of # of units Cost per Available for Cost per sold Goods Sold unit Sale Unit 190 $ 1,330 Ending Inventory # of units Average E: in ending Cost per Iny inventory unit eginning inventory archases Jan. 20 110 660 280 1,540 Jan 30 0 5 S 580 $ 3,530 tal Required information cific Id Weighted Average DAFO LIFO ermine the cost assigned to ending inventory and to cost of goods sold using FIFO. FO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale 190 7.00 $ 1,330 Cost per # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending Invento inventory per unit ning inventory ases n. 20 110 6.00 660 an 30 280 5.50 1,540 3,530 $ 580 $ 0 S Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. LIFO Ending Inventory # of units Cost Ending in ending inventory per unit Invento Cost per Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost of # of units # of units Cost per Available for unit sold Sale unit Goods Sold 7.00 $ 1,330 190 ginning inventory archases: 110 Jan. 20 6.00 660 Jan 30 280 5.50 1,540 3.530 0 0 0 580 tal $
