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 Aequired at Coat Units sold at Retail Jan. 1 Beginning inventory 155 units $8.00 - $1,240 Jan. 10 Sales 115 units $17.00 Jan. 20 Purchase 90 units $7.00 - 630 Jan. 25 Sales 95 units $17.00 Jan. 30 Purchase 210 units $6.50 - 1365 Totals 455 units $3,235 210 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Determine the cost assigned to ending Inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (FIFO, and (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 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units # of units Cost per Cost of Cost of units Cost per Available for In ending Ending unit sold unit per unit Inventory Sale Goods Sold inventory 156 $ 8,00 $ 1,240 Beginning inventory Purchases: Jan. 20 6301 Jan. 30 90 $ 7.00 210 S 6.50 455 1,365 3.235 Total $ $ 00 Weighted Average > Complete this questions by entering your answers in the below tabs. Specificid 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 155 Cost of Goods Sold # of units Average Cost per Cost of Ending Inventory # of units Average Ending in ending Cost per Inventory unit Inventory sold Unit Goods Sold 1.240 Beginning inventory Purchases: Jan. 20 Jan 30 90 210 455 1.305 Total $ 3,235 Specificid FIFO > 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 Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods of units Cost per Available for # of units Cost per sold unit Ending Inventory of units Cost Ending in ending Inventory " per unit Inventory unit Cost of Goods Sold Sale Beginning inventory 155 8.00 $ 1,240 Purchases: 6301 Jan. 20 Jan. 30 Total 90 210 455 7.00 6.50 1,365 3,235 $ $ 00S
