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1 40 points eBook References IE Exercise 5-3 (Algo): Periodic: Inventory costing methods LO P1 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 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 185 units @ $ 11.00 = 100 units @ 270 units e 555 units $ 10.00 - $9.50 = $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units 125 units 270 units e e $ 20.00 $ 20.00 Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.

IE Exercise 5-3 (Algo): Periodic: Inventory costing methods LO P1 Loker Company reported the following January purchases and sales data for its only product. The Cocnpany uses a periodic inwentory system, For specific identication, ending imventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 ore from beginning invertory. Required: 1. Determine the cost assigned to ending imventory and to cost of goods sold using specific identification. 2. Determine the cost assigned to ending imwentory and to cost of goods sold using weighted everage. 3. Determine the cost assigned to ending imvontory and to cost of goods sold using FifO. 4. Determine the cost assigned to ending imventory and to cost of goods sold using LiFO. Navigation: 1. Use the Open Excel in New Tab bution to launch this question. 2. When finished in Excel, vie the Save and Return to Assignment button in the lower fight to return to Connect

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