Required informationUse 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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 195 units @ $ 12.00 = $ 2,340 Jan. 10 Sales 155 units @ $ 21.00 Jan. 20 Purchase 120 units @ $ 11.00 = 1,320 Jan. 25 Sales 135 units @ $ 21.00 Jan. 30 Purchase 290 units @ $ 10.50 = 3,045 Totals 605 units $ 6,705 290 units rev: 09_15_2017_QC_CS-99723

Exercise 5-5A Periodic: Inventory costing LO P3

Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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.

Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

1.Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

2.Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

3.Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

4.Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.