! 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 Cont Retail Jan. 1 Beginning inventory 140 unitse $6.00 - $ 840 Jan. 10 Sales 100 unitse $15 Jan. 20 Purchase 60 units@ $5.00 - 300 Jan. 25 Sales BO unitse $ 15 Jan. 30 Purchase 180 unitse $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 (6) weighted average (o FIFO, and (a) LIFO. Complete this question by entering your answers in the tabs below. Speline id Weighted FIFO Average LIFO 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 3) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods of units Cost per of units Cost per Cost of Cost of units Ending Available for in ending sold unit Goods Sold Sale per unit Inventory Inventory Beginning inventory Purchases Jan 20 unit Jan 30 0 5 $ $ 0 0 0 Total Weighted Average > Nay 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 (oh specific identification, (b) weighted average: ( FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific to Weighten Average FIFO UFO 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 Solid Ending Inventory Average Cost of Goods of units Average Cost of of units Average of units Cost per Available for Cost per In ending Ending Cout Goods Sold unit Sale Unit Inventory per Inventory Beginning inventory Purchases Jan. 20 sold Jan. 30 5 5 0 $ Total 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 (LIFO. Complete this question by entering your answers in the tabs below. 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 Salo Cost of Goods Sold Cost per Cost of Goods # of units Cost per Cost of # of units Available for unit sold unit Goods Sold Sale Beginning inventory Purchases: Ending Inventory # of units in ending Cost Ending Inventory Inventory per unit Jan. 20 Jan. 30 $ 0 0 $ 0 0 $ 0 Total LIFO >
