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Required information. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only
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 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase. Totals Units Acquired at Cost 156 units $ 6.00- Units sold at Retail $ 936 84 units 76 units 180 units 412 units $5.00 - 380 96 units $ 15.00 $ 15.00 $ 4.50 810 $ 2,126 180 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 (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 inventory consists of 23 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit Cost of Goods. Sold Beginning inventory 156 $ 6.00 $ 936 Purchases January 201 January 30 Total #of units in ending Inventory Ending Inventory Cost per unit Ending Inventory 76 $ 5.00 380 180 $ 4.50 810 412 $ 2,126 0 $ 0 0
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