Exercise 5-5A Periodic: Inventory costing LO P3

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

140

units

@ $6.00

=

$

840

Jan.

10

Sales

100

units

@$15

Jan.

20

Purchase

60

units

@ $5.00

=

300

Jan.

25

Sales

80

units

@$15

Jan.

30

Purchase

180

units

@ $4.50

=

810

Totals

380

units

$

1,950

180

units

Laker uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round cost per unit to 3 decimal places.)

a) Specific Identification	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	1	2		3			4
Purchases:
Jan. 20	5	6		7			8
Jan. 30	9	10		11			12
Total	0		$0	0		$0	0		$0
b) Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Average Cost per unit	Cost of Goods Available for Sale	# of units sold	Average Cost per Unit	Cost of Goods Sold	# of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory
Purchases:
Jan. 20
Jan. 30
Total	0		$0			$0			$0
c) FIFO	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory		$0.00
Purchases:
Jan. 20		$0.00
Jan. 30		$0.00
Total	0		$0	0		$0	0		$0
d) LIFO	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	0	$0.00
Purchases:
Jan. 20	0	$0.00
Jan. 30	0	$0.00
Total	0		$0	0		$0	0		$0