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 Cost of Goods Sold Cost of Goods # of units Cost per Available for Cost of # of units unit sold Sale unit Goods Sold Cost per Ending Inventory # of units Cost in ending Ending inventory per unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 0 0 $ 0 0 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 weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Sale Cost of Goods Sold Average of units Cost per Cost of sold Unit Goods Sold Ending Inventory # of units Average Cost per Ending in ending inventory unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total $ $ $ Units sold at Retail 175 units @ $24.00 Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 225 units @ $15.00 = $ 3,375 Jan. 10 Sales Jan. 20 Purchase 180 units @ $14.00 = 2,520 Jan. 25 Sales Jan. 30 Purchase 385 units @ $13.00 = 5, 005 Totals 790 units $10,900 210 units @ $24.00 385 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 405 units, where 385 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, (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, ending inventory consists of 405 units, where 385 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 Cost per Available for unit Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 0 $ 0 0 $ Specific Id Weighted Average