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 Beginning Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 220 units @ $14.50 - $ 3,190 170 units @ $23.50 170 units @ $13.50 - 2,295 200 units @ $23.50 370 units @ $13.00 - 4,810 760 units $10,295 370 units 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 Cost per # of units Available for unit Sale 220 14.50 $ 3,190 # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 170 13.50 2,295 Jan. 30 370 13.00 4,810 Total 760 $ 10,295 0 $ 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 per Cost of Goods # of units Available for unit Sale 220 14.50 $ 3,190 # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 170 13.50 2.295 Jan. 30 370 13.00 4,810 Total 760 $ 10,295 0 $ 0 0 $ 0 > Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 390 units, where 370 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 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 220 $ 3,190 Cost of Goods Sold # of units Average Cost of sold Cost per Goods Sold Unit Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit Beginning inventory Purchases: Jan. 20 170 2.295 Jan. 30 370 4,810 Total 760 $ 10,295 $ 0 $ 0
