[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	195	units	@	$	12.00	=	$	2,340
Jan.	10	Sales										155	units	@	$	21.00
Jan.	20	Purchase	120	units	@	$	11.00	=		1,320
Jan.	25	Sales										135	units	@	$	21.00
Jan.	30	Purchase	290	units	@	$	10.50	=		3,045
		Totals	605	units					$	6,705		290	units

rev: 03_03_2017_QC_CS-81438

Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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.

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 specific identification. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

	a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # 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 Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $0 0 $0 0 $0

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) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $0 $0 $0

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 Ending Inventory # 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 Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $0 0 $0 0 $0

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 Ending Inventory # 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 Cost per unit Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $0 0 $0 0 $0