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 100 units @ $ 15 Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 140 units @ $6.00 - $ 840 Jan. 10 Sales Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $1,950 80 units @ $ 15 180 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 # of units Goods # of units Cost per # Cost of Available for sold unit Goods Sold [ 140 $ 6.00 $ 840 Cost per Cost of Goods unit Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 60 180 380 $ 5.00 $ 4.50 300 810 1,950 $ $ 0 0 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 # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per # of units Cost of Cost Ending Available for in ending unit | sold unit Goods Sold | inventory Sale per unit Inventory 140 6.00 $ 840 Beginning inventory Purchases: Jan. 20 60 5.00 300 180 4.50 810 Jan. 30 Total 380 $ 1,950 0 0 0 $ 0 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 (c) 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 LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per A $ # of units Cost per Cost of Available for unit sold unit Goods Sold Sale L 140 6.00 $ 840| | | Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 60 5.00 300 Jan. 30 180 4.50 810 Total 380 $ 1,950 $ 0 0
