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 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 156 units $6.00 $ 936 84 units @ $15.00 76 units $5.00- 380 96 units $15.00 180 units 412 units $4.50- 810 $2,126 180 units Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Required: 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 232 units, w are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per unit 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 156 $ 6.00 $ 936 Purchases Jan. 201 76 $5.00 380 Jan. 301 Total 180 $ 4.50 810 412 $ 2.126 0 $ 0 $ Specifica Weighted Average > '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 2 decimal places.) Cost of Goods Available for Sale b) Weighted average - Periodic of units Average Cost Cost of Goods Available for of units per unit sold Sale Beginning inventory 156 $ 936 Cost of Goods Sold Average Cost per Unit Cost of Goods Sold of units in ending Ending Inventory Average Cost per unit Inventory Ending Inventory Purchases: Jan 20 Jan. 30 Total 76 380 180 810 412 $ 2,126 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold Ending Inventory # of units in ending Inventory Cost per Ending unit Inventory Beginning inventory 156 6.00 $ 936 Purchases: Jan. 20 76 5.00 380 Jan. 30 180 4.50 810 Total 412 $ 2,126 $ ol $ Specific Id Weighted Average FIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Beginning inventory Cost of Goods Sold # of units in # of units Cost per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of Goods Sold Cost per ending unit Ending Inventory Ending Inventory Inventory 156 6.00 $ 936 . Purchases: Jan. 20 76 5.00 380 Jan. 30 180 4.50 810 Total 412 S 2,126 0 $ $ 0