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. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $7.00 = $1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $5.50 = 1,045 Totals 405 units $ 2,480 190 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: 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. X Answer is not complete. Complete this questions by entering your answers in the below tabs. 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 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. a) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 140 X $ 7.00 $ 980 120 X $ 7.00 $ 840 20 $ 7.00 $ 140 Purchases: Jan. 20 70 $ 6.00 420 65 $ 6.00 390 5 $6.00 30 Jan. 30 190 $ 5.50 1,045 190 X $ 5.50 1,045 190 $ 5.50 1,045 Total 400 $ 2,445 375 $ 2,275 215 $ 1,215 Specific Id Weighted Average Answer is not complete. Weighted Average questions by entering your answers in the below tabs. 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) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory 140 $ 980 Purchases: Jan. 20 70 420 Jan. 30 190 1,045 Total 400 $ 6.17 $ 2,445 375 X $ 6.17 X $ 2,314 215 6.17 X $ 1,327 X Answer is not complete. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale 140 7.00 $ 980 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 70 6.00 420 Jan. 30 190 5.50 1,045 Total 400 $ 2,445 0 $ 0 0 $ 0 X Answer is not complete. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 140 7.00 $ 980 Purchases: Jan. 20 70 6.00 420 Jan. 30 190 5.50 1,045 Total 400 $ 2,445 0 $ 0 0 $ 0 FIFO LIFO