Periodic Charts

Beginning inventory

Purchases on January 20

Purchases on January 30

Total

Specific ID:

Weighted Average:

Fifo:

Lifo:

Required information [The following information applies 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 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 January 10 Sales 110 units January 20 Purchase 80 units @ $ 6.50 520 January 25 Sales @ January 30 200 units $ 6.00 1,200 Totals 430 units $ 2,845 @ $ 16.50 90 units $ 16.50 Purchase 200 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units from he January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. ( SIFO, and () LIFO d e FIFO LIFO igned to ending Inventory and to cost of goods sold using specific identification. For specific identification, ending Inventory consi 3 units from the January 20 purchase, and 25 units from beginning inventory. Cost of Goods Available for Sale Cost per Cost of Goods # of units unit Available for Sale 150 $ 7.50 $ 1,125 Cost of Goods Sold Hof units cost per cost of Goods Sold Ending Inventory # of units in Cost per Ending ending unit Inventory Inventory 25$ 7.50 $ 188 sold unit 125 $ 7.50 $ 938 BO $ 6.50 520 75$ 6.50 488 5$ 6.50 6.00 200 $ 6.00 1,200 2,845 0 200 200 $ 230 33 1,200 1,421 430 $ $ $ 1,426 FO LIFO ding inventory and to cost of goods sold using weighted average, (Round cost per unit to 2 decimal places.) Ending Inventory Cost of Goods Available for Sale Cost of Goods of units Average Cost Available for per unit Sale 150 S Cost of Goods Sold #of units Average Cost of Goods Cost per sold Sold Unit # of units in onding inventory Average Cost per unit Ending Inventory 1.125 BO 200 520 1,200 2,845 430 1,523 230 $ $ 2001 $ 6.62 $ 6.62 $ 60,000 300.00 $ ed ze FIFO LIFO signed to ending inventory and to cost of goods sold using FIFO. Cost of Goods Sold Cost of Goods Available for Sale Cost por Cost of Goods #of units unit Available for 150 7.50 $ 1.125 # of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units in Cost per ending unit Inventory 0 Ending Inventory 150 $ 7.50 $ 1.125 260 40 $ 6.50 26C 80 520 6.50 6.00 6.50 6.00 6.00 18C 200 430 40 $ 170 $ 360 1,200 2,845 1,020 2.405 30 s 70 $ 44C $ $ igned to ending inventory and to cost of goods sold using LIFO. Cout of Goods Available for Sale Cost of Goods Sold Cost per Cost per Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units Ending Inventory # of units in Cost per Ending ending unit Inventory Inventory 150 $ 7.50 $ 1.125 unit unit 150 7.50 $ 1.125 0 260 40 s 6.50 6.50 280 80 6.50 520 40 $ 0 1,200 200 6.00 6.00 200 $ 1,200 2,845 $ 190 1,385 $ $ 430 240 1,460