The Company uses a periodic inventory system. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units 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.

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units sold at Retail Units Acquired at Cost 240 units @ $ 16.50 = $ 3,960 190 units @ $ 25.50 170 units @ $ 15.50 = 2,635 Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals rev: 10_06_2020_QC_CS-232448 190 units @ $ 25.50 @ $ 15.00 = 380 units 790 units 5,700 $ 12,295 380 units 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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. a) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods units per unit Available for Sale 240 $ 16.50 $ 3,960 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: 170 $ 15.50 2,635 January 20 January 30 380 $ 15.00 5,700 0 Total 790 $ 12,295 0 $ 0 0 $ 0 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for unit Sale 240 16.50 $ 3,960 # of units sold Cost of Goods Sold Cost of Cost per Goods unit Sold Ending Inventory # of units in Cost ending inventory Ending Inventory per unit Beginning inventory Purchases: January 20 170 15.50 2,635 January 30 380 15.00 5,700 Total 790 $ 12,295 0 $ 0 0 $ 0 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 - Periodic Ending Inventory Cost of Goods Available for Sale Cost of Goods Average Cost # of units Available for per unit Sale Cost of Goods Sold Average # of units Cost of Goods Cost per sold Sold Unit # of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchases January 20 January 30 Total 0 $ 0 $ 0 $ 0 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of units Goods per unit Available for Sale 240 16.50 $ 3,960 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases January 20 170 15.50 2,635 January 30 380 15.00 5,700 Total 790 $ 12,295 O $ 0 0 $ 0 FIFO LIFO >