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 Activities Units Acquired at Cost $6.00 S Retail Date 1 Beginning inventory 140 units Jan 840 $ 15 100 units Jan. 10 Sales Jan. 20 Purchase 60 units e $5.00 300 $ 15 80 units Jan, 25 Sales 180 units $4.50 Jan. 30 Purchase 810 380 units $1,950 180 units Totals 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 of Goods # of units in ending #of units Cost per sold Ending Goods Sold inventory per unit Inventory Cost Cost of Cost #of units per unit Available for Sale unit 140 6.00 15 6.00 Beginning inventory 840 125 6.00 750 90 Purchases: 60 5.00 55 Jan. 20 300 5.00 275 5.00 25 180 $4.50 Jan. 30 810 180 4.50 810 Total 380 1,950 180 1,025 200 925 Weighted Average> Specific Id 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 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 Cost of Goods Available for Sale # of units Awerage Average Cost Average # of units Cost of Cost per Goods Soldinventory per unit Ending Inventory Cost #of units in ending sold Unit per unit Beginning inventory 140 840 Purchases: Jan. 20 60 300 Jan. 30 180 810 380 6.00 Total 1,950 0.00 200 $4.50 900.00 Specific Id FIFO Complete this question by entering your answers in the tabs below Weighted Specific Id FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using FIFO c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units in ending inventory Pper unit # of units Cost per sold Cost of Goods Sold Cost Cost Ending #of units Inventory per unit unit Beginning inventory 140 6.00 840 Purchases: Jan. 20 60 5.00 300 Jan. 30 180 4.50 810 Total 80 1,950 Weighted Average LIFO Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units # of units Cost per sold Cost per unit Cost of Cost Ending # of units in ending Goods Sold inventoryper unit Inventory unit 6.00$ Beginning inven tory 140 840 Purchases: Jan. 20 60 5.00 300 Jan. 30 180 4.50 810 Total 380 1,950 0
