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 420 units, where 400 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 2.30 units @ $15.50 - 53,565 Jan. 10. Sales 180 units $24.50 Jan. 20 Purchase 190 units@ $14.50 2.755 Jan. 25 Sales 220 units $24.50 Jan 30 Purchase 400 units 514.00 5.600 Totals 320 units $11,920 400 units FIFO, and ( UFO Complete this questions by entering your answers in the below tabs Specific to Weighted ave FIFO LIFO Determine the cost signed to ending inventory and to cost of goods sold using specific Identification. For specific identification, ending inventory consists of 420 units, where 400 are from the January 30 purchases are from the January 20 purchase, and 15 are from beginning inventory al Specific Identification Cost of Goods Available for Sale Cost per Cost of Goods of units en Available for Sale 210 51550 35651 Cost of Goods Sold of units Cost per Cost of sold unit Goods Sold 215 5 1550 3333 Ending Inventory of units in ending Cost Ending per unit Inventory Inventory 151 515 50 233 Beginning inventory Purchase Jan 20 June Tour 105 S 1450 10 150 100 1100 2603 2755 5600 11:30 S51450 400 51800 20 73 5600 5900 5 300 $ 6010 - Proy 12 of 2 Next > Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification () weighted average (9 FIFO, and () LIFO Complete this questions by entering your answers in the below tabs. Weighted Specific Id FIFO LIFO Average 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 #of units Average #of units Cost per Available for Cost of Ending Cost per sold in ending Inventory unit Sale Unit Inventory unit Beginning inventory 230 5 3.565 Purchases Jan 20 190 2755 Jan 30 400 5.600 Total 820 $ 11.920 $ 0 Cost per Goods Sold Prov + 2 of 2 !!! Next > Required: Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification weighted average (9 FIFO and LIFO Complete this questions by entering your answers in the below tabs Specield Weighted Average FIFO UFO FIFO Goods sold in ending Determine the cost assigned to ending inventory and to cost of goods told using FIFO Cost of Good Available for Sale Cost of Goods Sold (Costpor Cost of Goods of units Coupe olunk Cost of Available for Unit Sale sold tinit Beginning 230 15503 350 1001 5 1550 2.790 Purchases in 20 150 19 2755 505 150 725 Jun 30 LO 1400 5600 17051400 2380 To 020 S 11.920 400 5 5895 Ending liventory of units Cost Ending Inventory per un Inventory 230 515505 3,565 5051450 725 700 Weighted Average LIFO > Prev of 2 ! Next > Required: Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification () weighted average 10 FIFO, and (dUFO Complete this questions by entering your answers in the below tabs. Specific 10 Weighted FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using LFO d) UFO Cost of Goods Avallable for Sale Cost of Goods Sold Cost of Goods Cost per of units Available for #ol units Cost per Cost of unit Sale sold unit Goods Sold Beginning in 230 15505 3.500 Purchase Jan 20 190 1450 2755 Jan 100 1 5600 Tour 11.920 0 Ending Inventory of units Cost Ending in ending Inventory per unit Inventory 230 515505 3565 50 $1250 20 51600 300 725 200 5 4570 (INO Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods Assume expenses are $2150 and that the applicable income tax rate is 40% (Round your average cost per unit to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO 0 0 Sales Cost of goods sold Gross proth Expenses Income before Income tax pense Net income 0 0 0 0 ON OS 0