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 260 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 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 120 units @ $17.50 Jan. 30 Purchase 240 units @ $7.00 = 1,680 Totals 500 units $3,790 240 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this questions by entering your answers in the below tabs. 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 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost per # of units Cost of Goods Available for Sale # of units sold Cost of Goods Sold unit # of units in ending inventory Cost Ending per unit Inventory unit Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 0 $ 0 0 $ 0 Complete this questions by entering your answers in the below tabs. 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 Average # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 $ 0 $ 0 Complete this questions by entering your answers in the below tabs. 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 per Cost of Goods # of units Available for unit Sale # of units sold Cost per Cost of Goods Sold Ending Inventory # of units Cost Ending in ending Inventory inventory unit per unit Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ o 0 $ 0 $ 0 Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this questions by entering your answers in the below tabs. 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 Available for Sale # of units sold Cost per # of units Ending Inventory # of units Cost Ending in ending Inventory inventory Cost of Goods Sold unit unit per unit Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 0 $ 0 0 $ 0
