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 Inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 225 units $15.00 - $ 3,375 175 units $24.00 180 units $14.00- 2,520 175 units $24.00 350 units $13.50 - 4,225 755 units $10,620 350 units Required: The Company uses a periodic inventory system. For specific identification, ending Inventory consists of 405 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 50 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 (0) LIFO. Required information ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (FIFO, and (LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO L IFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, 405 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 50 are from beginning inventor a) Specific Identification Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold # of units Cost per Cost of Goods # of units in ending Inventory Available for Sale Cost per unit unit Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total Weighted Average > 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 weighted average. (Round cost per unit to 2 decimal places.) b) Weighted Average cost of Goods Available for Sale rape Cost of Goods Cost of Goods Sold of units Average Cost of sold woods Available for Sale of units Cost per of units Ending Inventory #of units Average Ending in ending Cost per Inventory Cost per Goods Sold Unit United inventory Beginning inventory Purchases Jan. 20 Jan. 30 Total 0 SO Specific id FIFO 5 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 405 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 50 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 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 Available for Sale Ending Inventory Cost per cost of Goods of units Cost per unit Available for Sale Cost of Goods Sold of units Cost per cost of sold unit Goods Sold or units In ending Inventory 9 Cost per unit Ending Inventory Beginning inventory Purchases
