THE FORUMIY mon applies to be a you Now. Laker Company reported the following January purchases and sales data for its only product. For

Question

34 users unlocked this solution today!

THE FORUMIY mon applies to be a you Now. Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals 156 units @ Units Acquired at Cost $ 6.00 Units sold at Retail = $ 936 84 units @ 76 units @ $ 5.00 380 96 units @ $ 15.00 $ 15.00 180 units @ $ 4.50 = 412 units 810 $ 2,126 180 units Required: Assume the periodic inventory system is used. 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 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 LIFO. d) Periodic LIFO Beginning inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold 156 6.00 $ 936 # of units in ending inventory Ending Inventory Cost per unit Ending Inventory Purchases: January 20 76 5.00 380 January 30 180 4.50 810 Total 412 $ 2,126 0 $ 0 0 0 < FIFO LIFO >