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 Acquired at Cost Units sold at Retail 140 units$6.840 Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales an. 30 Purchase 100 units 15 60 units$5.00300 80 units 15 180 units $4.50-81e 380 units Totals $1,950 180 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 (a) LIFO Complete this question by entering your answers in the tabs below Weighted Average Specific Id 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 Ending Inventory Cost per Available for sold Cost of Goods | # of units # of units | Cost #Of units unit Cost per Ending unit | Goods Sold | ending | er unitInventory Sale invent Beginning inventory Purchases Jan. 20 Jan. 30 Total Weighted Specific Id 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 Cost of Goods Sold Ending Inventory # of units Average Ending Average Cost # of units Cost per Available for ofGoods | # of units | Cost per Goods Sold | Invento Average Cost of in ending ost sold unit Sale Unit r unit Inventory Beginning inventory Purchases Jan. 20 Jan. 30 Total 0.00 S 0.00 Specific ld FIFO > Weighted Specific IdAverage 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 Cost of Goods Sold Ending Inventory Cost per un Cost per Available for Cost of Goods # of units Ending # of units sold Cost per Cost of # of units unit unit Goods Soldin ending p itInventory Sale invent Beginning inventory Purchases: Jan. 20 Jan. 30 Total Weighted Average LIFO> Weighted Average Specific Id 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 Ending Inventory # of units | Cost Cost of Goods Available for | # of units Cost per Ending Cost in ending per unit Inventory # of units Costper unit sold unit Goods Sold Sale invento Beginning inventory Purchases: Jan. 20 Jan. 30 Total FIFO LIFO
