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. Beginning - inventory Jan.10 Sales Jan.20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 160 units @ $8.50 - $1,360 120 units @ $17.50 100 units @ $7.50 - 750 120 units @ $17.50 240 units@ $7.00 - 1,680 500 units $3,790 240 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 260 units, where 240 ar the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assig ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (C) FIFO, and (d) LIFO. 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, consists of 260 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginn a) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost Goods per unit Available for # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory Sale Beginning inventory Purchases: Jan. 20 Jan, 30 Total 0 $ 0 0 $ 0 0 Specific id Weighted Average > 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 decim b) Average Cost Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods # of units Cost per Available for Wallable for Sale # of units sold Average In ending 'Cost per Goods Sold Inventory cost of Goods Sold # of units ending Average Cost per Ending Inventory Cost per unit unit Unit Beginning inventory Purchases: Jan. 20 Jan. 30 Total 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 Goods # of units per unit Available for Sale # of units Cost per sold unit Cost of Goods Sold W of units Cost Ending in ending per unit Inventory Inventory Beginning inventory Purchases: Jan 20 Jan, 30 Total S 0 0 FIFO LIFO )
