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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. Units Acquired at Cost 165 units @ $9.00 = $1,485 Units sold at Retail 125 units $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.ee 880 125 units $18.00 250 units @ $7.50 525 units 1,875 $4,240 250 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 () LIFO. Complete this questions by entering your answers in the below the Specific id Weighted Average FIFO LIFO Cost of Goods of units Cost per Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending invento 275 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. 3) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost of # of units # of units Available for Cost Ending in ending unit sold Sale unit Goods Sold inventory per unit Inventory Beginning inventory 165 S 9.00 $ 1,485 145 $ 9.00 $ 1,305 20 $0.00 $ 180 Purchases Jan. 20 110 $ 8.00 880 105 $ 8.00 840 5 S 8.00 40 Jan. 30 250 $ 7.50 1,875 0 250 $ 7.50 1,875 Total 525 S 4,240 250 $ 2.145 275 $ 2,095 Speciale Weighted Average > Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pla. b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of Goods # of units Average # of units Average # of units Cost per Available for Cost per Cost of Ending in ending unit sold Cost per Sale Goods Sold Unit inventory unit Inventory Beginning inventory 165 $ 1.485 Purchases: Jan. 20 110 880 Jan. 30 250 1.875 Total 525 $ 4,240 250 $ 0 2751 $ Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods # of units Available for # of units Cost per Cost of unit Sale sold unit Goods Sold Beginning inventory 165 9.00 $ 1,485 1650 $ 9.00 $ 1,485 Purchases: Jan. 20 110 8,00 880 Jan. 30 250 7.50 1,875 0 Total 525 $ 4,240 165 $ 1,485 Ending Inventory # of units Cost Ending in ending inventory per unit Inventory 0 250 $ 7.50 250 1,875 1,875 $ Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per Available for # of units Cost per Cost of unit sold Goods Sold Sale 165 9.00 $ 1,485 0 unit Ending Inventory # of units Cost Ending in ending inventory per unit Inventory 165 $ 9.00 $ 1,485 Beginning inventory Purchases: Jan. 20 110 8.00 880 0 Jan. 30 110 $ 8.00 250 880 7.50 7.50 Total 1,875 4,240 525 250 $ 250 0 $ 1.875 1,875 $ 275 $ 2,365
