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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.

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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 200 units @ $12.50 - $2,500 Jan. 10 Sales 160 units @ $21.50 Jan. 20 Purchase 130 units @ $11.50 - 1,495 Jan. 25 Sales 140 units @ $21.50 Jan. 30 Purchase 300 units @ $11.00 - 3,300 Totals 630 units $7,295 300 units Required: The Company uses a periodic inventory system. For specific identification ending inventory consists of 330 units, where 300 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. ( FIFO, and (c) LIFO. Comnlete this alleetinn hu antarinn var answers in the tahe halnu 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 Ending Inventory Cost of Goods Available for Sale Cost Cost of # of Goods units per unit Available for Sale 200 12.50 $ 2,500 Cost #of units sold per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: 160 $ 12.50 $ 2.000 40 $ 12.50 $ 500 Jan. 20 130 11.50 1.495 40 $ 11.50 460 260 2,990 11.50 Jan. 30 Total 11.00 300 630 100 $ 11.00 3,300 7,295 $ 300 1,100 3.560 $ 300 $ 3,490 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 Ending Inventory Cost of Goods Available for Sale + #of Cost Cost of Goods units per Available unit for Sale 200 12.50 $ 2,500 #of units sold Cost per unit Cost of Goods Sold #of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 11.50 1,495 Jan. 30 130 300 630 11.00 Total 3.300 7.295 $ 0 $ 0 0 { FIFO

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