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 perpetual Inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 148 units S 840 January 10 Sales 100 units @ $ 15 January 20 Purchase 60 units @ $5.00 300 January 25 Sales 89 units @ $ 15 January 30 Purchase 180 units 810 Totals 380 units $ 1,950 180 units Exercise 5-6A (Static) Periodic: Inventory costing LO P3 The Company uses a periodic Inventory system. For specific Identification, ending Inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending Inventory and to cost of goods sold using a specific identification. (bj weighted average. I FIFO, and (LIFO. Complete this question by entering your answers in the tabs below. Specific la Weighted Average Firo UPO Determine the cost assigned to ending Inventory and to cost of goods sold using specific identification. For specific Identification, ending Inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. a) Specific identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inwentory #of Cost of #of units Cost Ending sold per Salo unit Inventory inventory Beginning inventory Purchases: January 20 January 30 Cost Cost of Goods permet Available for of units Cost per Goods Sold In ending Specific Id Weighted Average FIFO LIFO Cost 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 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of Average Cost of Goods Average Average # of units Cost of # of units Cost Available for units sold Ending Cost per in ending Goods Sold per Sale inventory Inventory unit Beginning inventory Purchases: January 20 January 30 Total per unit Unit 0 $ Specific Id Weighted Average FIFO LIFO 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 Available for # of units Cost per Cost of units per unit sold unit Goods Sold Sale Beginning inventory Purchases: January 20 Cost Ending Inventory # of units Cost Ending in ending per Inventory unit inventory January 30 Total 0 $ 0 Specific Id Weighted Average FIFO LIFO Cost Ending Inventory # of units Cost in ending Ending per inventory unit Inventory Cost of Goods Sold per unit Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of Available for # of units Cost per units Sale unit Beginning inventory Purchases: January 20 January 30 Total sold 0 $ 0
