Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 185 units @ $11.00 - $2,035 145 units @ $20.00 100 units @ $10.00 - 1,000 125 units @ $20.00 270 units @ $ 9.50 - 2,565 555 units $ 5,600 270 units Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. 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. Specific Id 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 consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per cost of Goods unit Ending Inventory # of units Cost Ending per unit Inventory inventory Cost per unit Available for Sale Cost of Goods Sold sold Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 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 Cost of Goods Available for Sale Average cost of Goods # of units Cost per Available for unit Sale Cost of Goods Sold # of units Average Cost per Cost of sold Unit Ending Inventory # of units Average Ending in ending Cost per ' inventory unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total Specific Id Specific id Weighted Average weighted FIFO FIFO L IFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold 185 Ending Inventory # of units Ending in ending inventory Pe per unit Inventory Cost En unit Beginning inventory Purchases: 100 Jan. 20 Jan. 30 270 555 Total ol 0 0 Specific Id Specific id Weighted Average weighted FIFO FIFO L IFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory 200 unit 0 Beginning inventory Purchases: Jan. 20 Jan. 30 Total 300 300 130 0 330