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 periodic inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory205 units@ $13.00 = $2,665 Jan. 10 Sales 165 units@ $22.00 Jan. 20 Purchase 140 units@ $12.00 1,680 Jan. 25 Sales 145 units@ $22.00 Jan. 30 Purchase 310 units@ $11.50 =3,565 Totals 655 units $7,910 310 units Required: Determine the cost assigned to ending Inventory and to cost of goods sold using (a) specific Identification, (b) weighted average (a FIFO, and ( UFO 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 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. ) Specific identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per #of units Cost of Available for Cost unit Ending Sale sold unit Inventory per unit Inventory Beginning inventory Purchases Jan 20 of units Cost per Goods Sold in ending Jan 30 Total EN Weighted Average > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average cost of Goods #of units Average Cost of #of units Average Ending # of units Cost per Available for sold Cost per Goods Sold in ending Cost per unit Sale Unit Inventory inventory unit Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ Specific id Welghted 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 Available for Cost of unit sold unit Goods Sold Sale Beginning inventory Purchases Cost per Ending Inventory # of units Cost Ending In ending inventory per unit Inventory Jan. 20 Jan. 30 Total 0 S 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 Available for Sale Cost of Goods Sold Cost per Cost of Goods #of units Cost per Cost of # of units unit Available for sold unit Sale Goods Sold Beginning inventory Purchases: Ending Inventory # of units Cost Ending in ending per unit Inventory Inventory Jan. 20 Jan. 30 Total 0 $ 0 (FIFO
