Question
Laker uses a periodic inventory system. For specific identification, ending inventory consists of 525 units, where 290 are from the January 30 purchase, 80 are
Laker uses a periodic inventory system. For specific identification, ending inventory consists of 525 units, where 290 are from the January 30 purchase, 80 are from the January 20 purchase, and 155 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.(Round your cost per unit to 3 decimal places.)
Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 350 units @ $11.00 =3,850 Jan. 10 Sales 190 units @$19.00 Jan. 20 Purchase 420 units @ $10.00= 4,200 Jan. 25 Sales 345 units @$19.00 Jan. 30 Purchase 290 units @ $9.00 = 2,610
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