Saved 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 lan Beginning 190 units@ $7.00 - $1,330 150 units@ $16.00 110 units@ $6.00 - 660 130 units@ $16.00 Jan. 30 Purchase 280 units@ $5.50 - 1,540 Totals $3,530 280 units Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales 580 units Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 () LIFO. 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 co 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory 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 (c) LIFO. 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, e 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory a) Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units per unit Sale 190 $ 7.00 1,330 Cost Available for # of units Cost per sold unit cost of Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory 15 $ 7.00 $ 105 175 $ 7.00 $ 1,225 Beginning inventory Purchases Jan. 20 Jan. 30 Total 660 $ 6.00 630 110 280 580 $ 6.00 $ 5.50 1,540 3,530 5 $ 6.00 280 $ 5.50 300 1,540 1,675 280 $ 1,855 $ Weighted Average > HW Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 (LIFO. 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 weighted average. (Round cost per unit to 2 decimal places.) b) Weighted Average Cost of Goods Sold its Cost per Average Cost of Goods Available for Sale Average cost of Goods of units Cost per Available for unit 190 cost of Ending Inventory N of units Average Ending ending Cost per Inventory sold Unit Goods Sold Beginning inventory Purchases 110 Jan. 20 Jan 30 660 1.540 280 Total 580 $ $ 6,00 $ 3,5301 280 $ 6.63 $ 1,856 300 $ 6.00 $ 1.800 How yester. WIGE 5 HW 6 Saved Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, weighted average. (FIFO, and (d) UFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average Furb LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. e) FIFO Cost of Goods Available for Sale Cost of Goods of units Cost Cost of Goods Sold of units cost per cost of sold unit Goods Sold of units Case per un per un Available for Ending Inventory w of units in ending Cost Ending per unit Inventory 40 $ 7.00 $ Sale Beginning inventory 190 7.00 $ 1,330 150 $ 7.00 $ 1,050 Purchases Jan 20 390 110 280 6.00 5.50 6601 1.540 3,530 65 65 280 $ $ Jan. 30 6.00 5.50 Total 580 $ 1.790 40 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 300 units, where 280 are fron the January 30 purchase, 5 are from the January 20 purchase, and 15 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 (LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFCN Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost Cost of Goods of units Available for # of units Cost per cost of per unit Sale sold unit Goods Sold 190 7.00 $ 1,330 Ending Inventory of units Cost Ending in ending inventory per unit inventory Beginning inventory Purchases: Jan. 20 1107 6.00 5.50 Jan. 30 280 580 660 1,540 3,530 Total 0 0