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Required information Use the following information for the Exercises below. [The following information...

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Accounting

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.

Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 180 units @ $ 10.50 = $ 1,890
Jan. 10 Sales 140 units @ $ 19.50
Jan. 20 Purchase 110 units @ $ 9.50 = 1,045
Jan. 25 Sales 130 units @ $ 19.50
Jan. 30 Purchase 270 units @ $ 9.00 = 2,430
Totals 560 units $ 5,365 270 units

rev: 09_15_2017_QC_CS-99723

Exercise 5-5A Periodic: Inventory costing LO P3

Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are 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.

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