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 Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 170 units @ $9.50 = $1,615 Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 260 units @ $8.00 - 2,080 Totals 550 units $4,715 260 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per Available for unit Sale # of units # of units Cost per sold unit Ending Inventory # of units Cost in ending Ending per unit inventory Inventory Cost of Goods Sold Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 0 0 0 $ 0 Specific id Weighted Average > 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 Cost of Goods Sold Average of units Cost of Cost per sold Goods Sold Unit Ending Inventory # of units Average in ending Cost per Ending inventory unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total $ 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 Cost of Goods Sold Cost of Goods Available for Sale 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 Cost in ending Ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 Jan. 30 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 LIFO. d) LIFO Cost of Goods Sold Cost of Goods Available for Sale 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 Cost in ending Ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total $ 0 $ 0 0 $ 0
