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. 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. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $7.00 = $1,330 Jan. 10 Sales 150 units @ $16.00 Jan. 20 Purchase 110 units @ $6.00 = 130 units @ $16.00 Jan. 30 Purchase 280 units @ $5.50 = 1,540 Totals 580 units $3,530 Date 660 Jan. 25 Sales 280 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: 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 Ending Inventory # of units Cost Ending in ending inventory per unit Inventory sold Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. C) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods # of units Cost per # of units Available for Cost of unit unit Sale Goods Sold Beginning inventory 190 7.00 S 1,330 Purchases: Jan. 20 110 6.00 660 Jan. 30 280 5.50 1,540 Total 580 S 3,530 0 S 0 0 S 0 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. 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. Units sold at Retail Units Acquired at Cost 190 units @ $7.00 = $1,330 150 units @ $ 16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $6.00 = 660 130 units @ $16.00 280 units @ $5.50 = 580 units 1,540 $3,530 280 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: 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 LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per # of units Cost per Cost of unit Available for sold Sale unit Goods Sold 190 7.00 S 1,330 Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Beginning inventory Purchases: 110 6.00 660 Jan. 20 Jan. 30 Total 280 5.50 1,540 580 S 3,530 0 S 0 0 0 S 0
