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ne tohowing information appies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. The Company
ne tohowing information appies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 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 January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory 140 units Units Acquired at Cost $ 6.00- Units sold at Retail $ 840 Sales 100 units 8 $ 15 Purchase Sales 60 units $5.00 - 300 80 units + $15 Purchase Totals 180 units 380 units $ 4.50- 810 $1,950 180 units The Company uses a periodic inventory system. 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 (a) specific identification, (b) weighted average, (c) 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 LIFO. Specific To Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Ending Inventory Cost Ending per unit Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods # of units Available for Sale # of units old Cost per unit Cost of Goods Sold in ending inventory 140 6.00 $ 840 $ 6.00 $ 30,240 Beginning inventory Purchases: January 201 60 5.00 300 January 30 180 4.50 810 Total 380 $ 1,950 5,040 $ 30,240 0 $ 0
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