Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units @ $ 6.00 = $ 840 January 10 Sales 100 units @ $ 15 January 20 Purchase 60 units @ $ 5.00 = 300 January 25 Sales

Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

d) Periodic 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
Purchases:
January 20
January 30
Total	0		$0	0		$0	0		$0

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
Purchases:
January 20
January 30
Total	0		$0	0		$0	0		$0

2 decimal places required.

• Specific Id

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places.

b) Weighted average - Periodic
	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:
January 20
January 30
Total	0		$0			$0			$0

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

c) Periodic 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
Purchases:
January 20
January 30
Total	0		$0	0		$0	0		$0