Required information Use the following information for the Exercises 3-7 below. (Static) [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. 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 Units sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units@ $6.00 $ 840 Jan. 10 Sales 100 units $15 Jan. 20 Purchase 60 units $5.00 - 300 Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units@ $4.50 Totals 380 units $1,950 180 units 810 Exercise 5-3 (Static) Periodic: Inventory costing methods LO P1 Required: Determine the cost assigned to ending inventory and to cost of goods sold using () specific identification, (b) weighted average, (a FIFO and IIFO FIFO UFO Weighted Average Specificid Wild 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 ay Specific Cost of Goods Available for Identification Cost of Goods Sold Sale Ending Inventory Cost of Cost #of Goods of Cout Cost of #of units Cost Ending units per Available units per Goods In ending per Inventory for Sale sold unit Inventory Sold unit Beginning tory 140 5600 340 15 $ 00 Purchase Jan 20 6000 300 100 O 500 50 25 5.00 Jan 30 100 1450 610 OS 450 0 180 B10 450 TO 300 $ 1950 10 $ 000 200 . 500 Walghiad Average Weighted Average Specific to 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 Cost of Goods Sold b) Weighted average Periodic Cost of Goods Available for Sale Cost of #of Average Goods Cost units per unit Available for Sale 140 340 # of units sold Average Cost per Unit Ending Inventory of units Average Ending In ending Cost Inventory Inventory Cost of Goods Sold per unit Beginning inventory Purchases Jan 20 Jan 30 Total 60 180 380 300 810 1.950 0 $ 0 Weighted Average Specific Id LIFO FIFO Ending Inventory # of units Cost in ending Ending Inventory per unit Inventory Cost per Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Avallable for Sale Cost of Goods Sold Cost of Goods Cost of # of units Cost per # of units Available for unit sold unit Goods Sold Sale Beginning inventory 140 6.00 $ 840 Purchases: Jan 20 60 5.00 300 Jan 30 180 4.50 810 Total 389 $ 1,950 $ 0 0 0 $ 0 Specific id Weighted Average FIFO LIFO Cost per Ending Inventory #of units Cost Ending in ending inventory per unit Inventory Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per # of units Cost of unit Available for sold unit Goods Sold Sale Beginning inventory 140 6.00 $ 840 Purchases Jon 20 50 5.00 300 Jan. 30 180 4,50 B10 Total 380 $ 1,950 0 $ 0 cos 0 5 0 FO
