Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units, where 250 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

Complete this questions by entering your answers in the below tabs.

• Specific Id

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	165	units	@	$	9.00	=	$	1,485
Jan.	10	Sales										125	units	@	$	18.00
Jan.	20	Purchase	110	units	@	$	8.00	=		880
Jan.	25	Sales										125	units	@	$	18.00
Jan.	30	Purchase	250	units	@	$	7.50	=		1,875
		Totals	525	units					$	4,240		250	units

rev: 09_15_2017_QC_CS-99723

Required:

a) Specific Identification	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for Sale	# 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
Jan. 30
Total	0		$0	0		$0	0		$0