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 170 units @ $9.50 = $1,615 Jan. 10 Sales 130 units @ $19.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 110 units @ $19.50 Jan. 30 Purchase 240 units @ $8.00 = 1, Totals 530 units $4, 240 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 45 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 (c) 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 inventory consists of 290 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 45 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per Cost per # of units nits unit Available for Sale sold unit 170 $ 9.50 $ 1,615 Cost of Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory 45 $ 9.50 $ 428 Beginning inventory Purchases: Jan. 20 Jan. 30 120 240 530 $ 8.50 $ 8.00 1,020 1,920 4,5550 5 $ 8.50 240 $ 8.00 290 431 1,920 2,391 Total $ $ 0 $ b) Weighted Average Cost of Goods Sold # of units Average Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Sale 170 $ 1,615 Cost of Cost per Goods Sold Unit Ending Inventory # of units Average Ending in ending Cost per Inventory inventory u ni Costing sold Goods Sold in ending Beginning inventory Purchases: Jan. 20 Jan. 30 120 240 530 1,020 1,920 4,555 Total $ c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per # of units Cost per Cost of er Available for unit Sale | sold unit Goods Sold 170 9.50 $ 1,615 Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 Jan. 30 120 8.50 8.00 240 1,020 1,920 4,555 Total 530 $ 0 d) LIFO Cost of Goods Available for Sale Cost of Goods Sold set or Cost of Goods #f it Cost per # of units # of units Cost per Cost of Available for sold unit Goods Sold " 170 9.50 $ 1,615 Ending Inventory # of units Cost Ending in ending per unit Inventory inventory per unit Sale Beginning inventory Purchases: Jan. 20 Jan. 30 120 8.50 8.00 240 530 1,020 1,920 4,555 Total $
