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Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification,
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 236 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 51 are from beginning inventory Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals 158 units 78 units 180 units I 416 units Units Acquired at Cost 56.00- $5.00 - $4.50 -> Units sold at Retail $948 82 units $15.00 390 58 units F $15.00 810 $ 2,148 100 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (d) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. 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 are from the January 30 purchase, 5 are from the January 20 purchase, and 51 are from beginning inventory. 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 # of units sold Cost per unit Cost of Goods Sold # of units in Sale ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases; January 20 January 30 Tal
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