Renew Online $|$ Geo...

Saved

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. 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.

$\backslash$table$[[$Date$,$Activities,Units,Acqui,red at co$,$Cost,,Units sold at$,$Ret,tail,$],[$January $1,$Beginning inventory,$140$ units,$(8),$$$6\mathrm{.}00=,=,$$$840,,,,],[$January $10,$Sales,,,,,,$100$ units,$(6),$$$1,15],[\backslash$table$[[$January $20],[$January $25]],\backslash$table$[[$Purchase$],[$Sales$]],60$ units,$($a$),$$$5\mathrm{.}00=,,300,,,,],[\backslash$table$[[$January$,25],[$January $30,]],$Purchase,$180$ units,$-,$$$4\mathrm{.}50=,=,810,80$ units,@$,$$$,15],[,$Totals,$380$ units,,,,$$1,950,180$ units,,,$]]$

Company uses a periodic inventory system. For specific identification, ending inventory consists of $180$ units from the January $30$ urchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. Determine the cost assigned to ending iventory 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.

Specifie Id

Weighted

Average

FIFO

LIFO $180$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory.

a$)$ Specific Identification

$\backslash$table$[[$Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory,$],[,$Cost of Goods,dots,,# of units,$]]$