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 Jan. 1 Beginning van inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 185 units @ $11.00 - $2,035 145 units @ $ 20.00 100 units @ $10.00 - 1,000 125 units @ $20.00 270 units @ $ 9.50 - 2,565 555 units $5,600 270 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 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 (d) 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 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Goods # of units sold Cost per unit Ending Inventory # of units Cost Ending in ending inventory Peru per unit Inventory Cost of Goods Sold unit $ 11.00 Available for Sale $ 2,035 185 Beginning inventory Purchases: Jan. 20 100 270 555 $ 10.00 $ 9.50 Jan. 30 1,000 2,565 5,6000 Total $ $ 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 Average cost of Goods # of units Cost per Available for unit Sale 185 $ 2,035 Cost of Goods Sold # of units Average Cost of Cost per sold Unit Goods Sold Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit Beginning inventory Purchases: Jan. 20 100 270 Jan. 30 1,000 2,565 5,600 Total 555 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 # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units | # of units Cost per cost of Cost Available for in ending Ending unit sold unitGoods Sold Sale 185 11.00 $ 2,035 inventory per unit Inventory Beginning inventory Purchases: Jan. 20 1,000 100 270 555 10.00 9.50 Jan. 30 2,565 5,600 Total $ 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 of Goods # of units # # of units Cost per Cost per Cost of " Available for unit sold Sale unit Goods Sold 185 11.00 $ 2,035 Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 100 10.00 9.50 Jan. 30 270 1,000 2,565 5,6000 Total 555 $ 0
