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 212 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 27 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 Cont Units sold at Retail 146 units @ $6.00 - $ 876 94 units 15.00 66 units @ $5.00 - 330 86 units @ $15.00 180 units @ $4.50 810 392 units $2,016 180 units Required: Determine the cost assigned to ending Inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO 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 co are from the January 30 purchase, 5 are from the January 20 purchase, and 27 are from beginning inventory Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods of units unit Available for Sale Cost per # of units sold Cost per Cost of Goods Sold Ending Inventory # of units in onding Ending unit Inventory Inventory Cost per unit Beginning inventory Purchases Jan. 20 Jan. 30 Total 0 $ 0 Weighted Specific Id FIFO LIFO Average Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Weighted average Periodic Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Average Cost Average # of units Available for # of units # of units in Cost of Goods per unit Average Cont Sale sold ending Sold Unit Inventory Beginning inventory Purchases Jan 20 Jan 30 Cost per per unit Total 0 $ Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFB LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodio FIFO Cost of Goods Available for Sale # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold #of units Cost of Goods sold unit Sold Cost per Ending Inventory N of units in Cost per ending unit Inventory unit Ending Inventory Beginning Inventory Purchases Jan, 20 Jan. 30 Total 0 5 0 S 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 LIFO. d) Periodic LIFO Cost of Goods Avaliable for Sale Cost of Goods Sold # of units Cost per Cost of Goods Available for Sale # of units sold Cost per unit Ending Inventory Wof units in Cost per Ending ending unit Inventory Inventory Cost of Goods Sold unit Beginning inventory Purchases Jan. 20 Jan. 30 Total $ 0 0 $
