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. Units sold at Retail Units Acquired at Cost 140 units @ $6.00 = $ 840 100 units @ $ 15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units @ $5.00 = 300 80 units @ $ 15 810 180 units @ $4.50 = 380 units $1,950 180 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 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 200 units, where 180 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 Cost of Goods # of units Cost per Available for unit Sale Cost of # of units Cost per sold unit Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases Jan 20 Jan. 30 Total 0 $ 0 SO Weighted Average Complete this question by entering your answers in the tabs below. Specific id Weighted Average FIFO UFO 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 Sold Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Sale # of units Cost per Average Ending Inventory # of units Average Ending in ending Cost inventory per unit Inventory Cost of Goods Sold sold Unit Beginning inventory Purchases Jan 20 Jan. 30 Total s Specific id FIFO > 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 FIFO. c) FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Sale Beginning inventory Purchases Jan. 20 Jan. 20 Total 0 $ 0 0 $ 0 0 S Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO 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 Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units in ending Cost Ending inventory per unit Inventory Beginning inventory Purchases Jan. 20 Jan. 30 Total $ 0 o 0 $ 0 FIFO
