Required information Use the following information for the Exercises 3-7 below. (Algo) [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 238 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 53 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 159 units @ $6.00 = $ Units sold at Retail 954 S Jan. 10 Sales 81 units @ $15.00 Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 79 units @ $5.00 = 395 99 units @ $15.00 180 units @ $4.50 = 418 units 810 $2,159 180 units 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 238 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 53 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 159 units @ $6.00 $ Units sold at Retail 954 81 units @ $15.00 79 units @ $5.00 = 395 99 units @ $15.00 180 units @ $4.50 = 418 units 810 $2,159 180 units Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Required: 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. Weighted Specific Id FIFO LIFO Specific Id Weighted 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 - Periodic Beginning inventory Cost of Goods Available for Sale # of units Average Cost per unit Cost of Goods Available for # of units sold Sale 159 $ 954 Cost of Goods Sold Average Cost per Unit Ending Inve Cost of Goods Sold + # of units in ending Average C per uni inventory Purchases: Jan. 20 Jan. 30 Total 79 395 180 810 418 $ 2,159 180 0 2.7 points Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Available for Sale eBook # of units Cost per References unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold Ending Inventory # of units in ending inventory Cost per unit Endin Inventi Beginning inventory 159 6.00 S 954 Purchases: Jan. 201 79 5.00 395 Jan. 30 180 4.50 810 Total 418 $ 2,159 0 $ 0 $ 2.7 points Specific Id Weighted Average FIFO LIFO d) Periodic LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory eBook Cost per # of units in # of units References unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Cost per ending inventory unit Endir Invent Beginning inventory 159 6.00 $ 954 Purchases: Jan. 20 79 5.00 395 Jan. 30 180 4.50 810 Total 418 $ 2,159 0 $ 0 0 $ 69