Required information [The following information applies to the questions displayed below.] 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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost 210 units @ $ 13.50 - Units sold at Retail $ 2,835 160 units @ $ 22.50 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 150 units @ $ 12.50 = 1,875 180 units @ $ 22.50 @ $ 12.00 = 340 units 700 units 4,080 $ 8,790 340 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 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 (0) LIFO. 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 cons January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # 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 unit Ending Inventory Beginning inventory Purchases January 20 January 30 Total Specific Id Weighted Average 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 Cost of Goods Available for Sale Cost of Goods # of units Average Cost Available for per unit Sale Cost of Goods Sold # of units Average Cost of Goods sold Cost per Sold Unit # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: January 20 January 30 Total 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 Available for Sale Cost per unit # of units Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods # of units in Cost per sold unit Sold ending unit inventory Cost of Goods Available for Sale Ending Inventory Beginning inventory Purchases: January 20 January 30 Total 0 $
