This all wrong redo. IThe following infornation applies to the questions display
ID: 2562317 • Letter: T
Question
This all wrong redo.
IThe following infornation applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. Activities Date an 1 Beginning inventory 205 units $13.0-$2,665 Dan, 13 Sales an, 29 Purchase Jan, 25 Sales an, 30 Purchase Units Acquired at cost Units sold at Retail 143 units $12.1,688 319 units$11.59-3,565 165 units $22.00 145 units $22,80 Totals 655 units $7,910 310 units Exercise 6-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold usingspecific dentification.(d) weighted average. (c) FIFO, and(d LIFO Complete this questions by entering your answers in the below tabs. Specific IdWeighted FIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units | Cost per Costo,Goods unit-' | Ending Inventory # of units | Cost | Ending Cost Cost of . in ending per Available for | # of units . sold unit Goods Sold per unit Inventory Sale Beginning inventory 205 S 13.00S 2,665 165$13.002.145 40 $1300 520 Purchases 140 S12.00 310S 1150 655 14512.00 1740 5 $1200 310 $11 50 355 Jan. 20 1,680 3,565 $ 4,145 Jan. 30 3,565 Total 310 5 3888Explanation / Answer
Answer
FIFO
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost per unit
Cost of Goods Available for sale
Units Sold
Cost per unit
Cost of Goods Sold
Units
Cost per unit
Ending Inventory
Beginning Inventory
205
13
2665
205
13
2665
0
13
0
Purchases:
0
0
0
Jan-20
140
12
1680
105
12
1260
35
12
420
Jan-30
310
11.5
3565
0
310
11.5
3565
Total
655
7910
310
3925
345
3985
LIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost per unit
Cost of Goods Available for sale
Units Sold
Cost per unit
Cost of Goods Sold
Units
Cost per unit
Ending Inventory
Beginning Inventory
205
13
2665
0
205
13
2665
Purchases:
0
0
0
Jan-20
140
12
1680
0
140
12
1680
Jan-30
310
11.5
3565
310
11.5
3565
0
11.5
0
0
0
0
0
0
Total
655
7910
310
3565
345
4345
WEIGHTED AVERAGE METHOD
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost per unit
Cost of Goods Available for sale
Units Sold
Cost per unit
Cost of Goods Sold
Units
Cost per unit
Ending Inventory
Beginning Inventory
205
13
2665
0
0
Purchases:
0
Jan-20
140
12
1680
0
0
Jan-30
310
11.5
3565
0
0
0
0
0
0
0
Total
655
12.07634
7910
310
12.07634
3744
345
12.07634
4166
SPECIFIC IDENTIFICATION Method
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost per unit
Cost of Goods Available for sale
Units Sold
Cost per unit
Cost of Goods Sold
Units
Cost per unit
Ending Inventory
Beginning Inventory
205
13
2665
175
13
2275
30
13
390
Purchases:
0
0
0
Jan-20
140
12
1680
135
12
1620
5
12
60
Jan-30
310
11.5
3565
0
0
310
11.5
3565
Total
655
7910
310
3895
345
4015
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost per unit
Cost of Goods Available for sale
Units Sold
Cost per unit
Cost of Goods Sold
Units
Cost per unit
Ending Inventory
Beginning Inventory
205
13
2665
205
13
2665
0
13
0
Purchases:
0
0
0
Jan-20
140
12
1680
105
12
1260
35
12
420
Jan-30
310
11.5
3565
0
310
11.5
3565
Total
655
7910
310
3925
345
3985