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. Activities Units Acquired at Cost Units sold at Retail 135 units $19.00 115 units $19.00 Date Jan. 1 Beginning inventory 175 units $10.00-$1,750 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 130 units 9.00-1,170 250 units a 555 units 8.50 2,125 Totals $5,045 250 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 305 units, where 250 are fromm the January 30 purchase, 5 are from the January 20 purchase, and 50 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 Complete this question by entering your answers in the tabs below Weighted Average Specific Id 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 305 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 50 are from beginning inventory a) Specific IdentificationCost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods | # of units | Cost Available for sold # of units : per cost of unit Goods Soldn ending Cost Ending # of units Cost per Cost of Goods uni Sale inventory r unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total Specific Id Weighted Average > Weighted Average Specific Id 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 pla b) Weighted Average Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of cost per of Goods | # of units Average Ending Average Cost # of units Goods Sold I inventor in ending Cost per Inventory unit # of units Cost per Available for sold unit Sale Unit Beginning inventory Purchases Jan. 20 Jan. 30 Total Specific ld FIFO > Weighted Average Specific Id FIFO 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 Sold Ending Inventory Cost per Available for sold r Costof Goods |# of units Cost per unit Cost of Cost # of units unit Goods Sold i endingEnding per unitInventory Sale invento Beginning inventory Purchases: Jan. 20 Jan. 30 Total
