Laker Company reported the following January purchases and sales data for its only product. Date Activities Unita Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 170 units $9.50 $1,615 Jan. 10 Sales 130 units e $18.50 Jan. 20 Purchase 120 units $8.50 1,020 Jan. 25 Sales 130 units $18.50 260 units $8.00 Jan. 30 Purchase 2,080 Totals 550 units $4,715 260 units Required: The Company the January 30 purchase, 5 are from the January 20 purchase, and 25 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 uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 260 are from your answers in the below tabs. Complete this questions by entering Weighted Average LIFO FIFO Specific Id Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale a) Specific Identification # of units #of unitsCost per Cost of Goods # of units Cost per Cost per unit Ending Inventory Cost of Goods Sold Available for Sale in ending unit sold unit inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total Weighted Average Specitic Id vIO usiY WCNILCO avCraye. tAUUna COSE per unit LO Z uecifiGI Didc b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending inventory Average Cost per Cost of Goods Available for Sale Average Cost per Unit Average Cost per unit # of units Cost of Goods Sold Ending Inventory # of units sold unit Beginning inventory Purchases: Jan. 20 Jan. 30 0 Total Specifie Id FIEO Ending Inventory Cost of Goods Sold Cost of Goods Available for Sale c) FIFO # of units Cost of Goods Available for Sale Cost per unit Ending Inventory Cost per unit Cost of # of units sold # of units ost per unit in ending Goods Sold ht inventory Beginning inventory Purchases: nces Jan. 20 Jan. 30 0 Total Weighted Average LIFO Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of unite Cost per Cost of Goods Available for #of units in ending inventory # of units Cost per Cost of Goods Sold Cost Ending per unit Inventory unit sold unit Sale Beginning inventory Purchases: Jan. 20 Jan. 30 Total
