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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 160 units @ $8.50 = $1,360 Jan. 10 Sales 120 units @ $17.50 Jan. 20 Purchase 100 units @ $7.50 = 750 Jan. 25 Sales 100 units @ $17.50 Jan. 30 Purchase 220 units @ $7.00 = Totals 480 units $ 3,650 220 units 1,540 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 260 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 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. 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 specific identification. For specific identification, ending 260 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 260 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per Available for Cost per # of units sold Cost of Goods Sold Cost Ending Inventory unit # of units in ending inventory unit per unit Sale Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 0 $ 0 0 $ 0 Specific Id Weighted Average FIFO LIFO 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 of Goods # of units Cost per # of units Cost per Available for Cost of unit Sale Goods Sold unit Ending Inventory # of units Cost Ending in ending inventory per unit Inventory sold Beginning inventory Purchases: Jan. 20 Jan. 30 Total $ 0 $ 0 0 $ Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 0 $ 0 0 $ 0 FIFO LIFO
