DETERMINE THE COST ASSIGNED TO ENDING INVENTORY AND TO COST OF GOODS SOLD USING FIFO.

[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 375 units, where 355 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are from beginning inventory Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost Units sold at Retail 215 units @ $14.00 - $3,010 165 units @ $23.00 160 units@ $13.00 2,080 190 units @ $23.08 355 units $12.00 = 4,268 738 units $9,350 355 units Totals Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (FIFO, and (LIFO. Answer is not complete. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO, Cost of Goods Sold c) FIFO of Cost Cost of Goods Available for Sale Cost of Cost #of Goods per units Available unit for Sale 215 1400 3,010 units sold per unit Cost of Goods Sold ol in e invi $ Beginning inventory Purchases Jan 20 160 13 00 2080 Jan 30 355 1200 4.200 Total 730 s 9,350 0 O