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 Units Acquired at Cost Units sold at Retail * Inventory 235 units $16.00 - $ 3,760 Jan. 10 Sales 200 units $25.00 Jan. 20 Purchase 180 units $15.00 2,700 Jan. 25 Sales 190 units @ $25.00 Jan. 30 Purchase 390 units $14.50 - 5,655 Totals 805 units $12,115 390 units Jan. Beginning Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 415 units, where 390 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, (FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. 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 specific identification. For specific identification, ending Inventory consists of 415 units, where 390 are from the January 30 purchase, S are from the January 20 purchase, and 20 are from beginning Inventory.. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per cost of Goods #of units Cost per Available for Sale of units Cost per sold unit cost of Goods Sold of end ng inventory Cost per un Ending inventory Beginning inventory Purchases $ 0 0 Welghted Average > Complete this question by entering your answers in the tabs below. Specific Id Welghted 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 Sold Cost of Goods Available for Sale Average Cost of Goods W of units Cost per Available for unit Sale Average Cost per Unit of units sold Ending Inventory of units Average Fading ending Cost per inventory Inventory cost of Doods Sold Beginning inventory Purchases: R R RRRRRL RHIVSHOV LENINESS DI WISH Required information Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO UFO 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 unit Sale Cost of Goods Sold # of units Cost per Cost of sold u nitGoods Sold Ending Inventory of units Cost Ending in ending Inventory por unit Inventory Beginning Inventory Purchases Jan, 20 Jan. 30 $ 0 Required information 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 LIFO. d) LIFO Cost of Goods Available for Sale of units Cost per Cost of Goods Available for unit Sale Cost of Goods Sold of units Cost per Cost of sold unit Goods Sold Ending Inventory of units in ending Cost Ending Inventory per unit Inventory Beginning inventory Purchases: Jan 20 Jan. 30
