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 Activities Units Acquired at Cost Retail Jan. 1 Deginning inventory 140 unitse $6.00 - $ 940 Jan. 10 Sales 100 units $15 Jan. 20 Purchase 60 units $5.00 - 300 Jan. 25 Sales 80 units $15 180 units @ $4.50 810 380 units $1,950 180 units Date Jan. 30 Purchase Totals 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 (6) specific identification. (6) weighted average. (a FIFO, and (LIFO Complete this question by entering your answers in the tabs below. 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 (a) specific identification. (b) weighted average (c FIFO, and ( LIFO. Complete this question by entering your answers in the tabs below. Specific 10 Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consist 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 N of units Cost per # of units Cost of Cost Ending unit sold unit Sale In ending Goods Sold Inventory per unit Inventory Beginning inventory 1401 $ 6.00 $ 125 5 6.00 $ 750 15 $ 6.00 $ 90 Purchases Jan 20 60 $ 5.00 300 55 S 5.00 275 5 $ 5.00 25 Jan. 30 180 $ 4,50 810 1801 S 4.50 810 Total 380 $ 180 $ 1,025 200 $ 925 Cost per Available for 840 . 1.950 Special Weighted Average > 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 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 Average cost of Goods Average of units #of units Cost per Available for # of units Average Cost of Cost per Cost Ending sold in ending unit Goods Sold Unit Sale Inventory Inventory per unit Beginning inventory 140 840 Purchases: Jan. 20 00 300 Jan. 30 180 810 Total 380 $ 4.50 $ 1,950 180 $ 184,500 918 200 $ 4.59 $ 1025.00 Specific ld FIFO > Complete this question by entering your answers in the tabs below. Specific id Weighted Average 1 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 Cost of Goods Sold Cost of Goods Cost per w of units # of units Cost per Available for Cost of unit Sale sold unit Goods Sold Beginning inventory 140 6.00 $ 840 Purchases: Jan. 20 60 5.00 300 Jan. 30 180 4.50 810 Total 380 $ 1,950 0 Ending Inventory # of units Cost Ending in ending per unit Inventory Inventory 0 $ 0 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 (a) specific identification, () weighted average (a FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Specific id Weighted FIFO Average 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 per Cost of Goods W of units Cost of # of units Cost per Available for unit Sale sold unit Goods Sold Beginning inventory 140 6.00 $ 840 Purchases Jan 20 60 5.00 300 Jan. 30 180 4.50 810 Total 380 $ 1,950 0 $ 0 Ending Inventory W of units Cost Ending in ending Inventory per unit inventory 0 5
