Chapter 6: Homework Problems i Saved Help Save & Exit Check m 2 Required information Part 2 of 2 [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units 16.66 points from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 175 units @ $ 10.00 = $ 1, 750 eBook January 10 Sales 135 units @ $ 19.00 Purchase 130 units @ $ 9.00 = 1, 170 Hint January 20 January 25 Sales 140 units $ 19.00 Prin January 30 Purchase 275 units @ $ 7.00 = 1, 925 Totals 580 units $ 4, 845 275 units References The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units 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 question by entering your answers in the tabs below. Mc Saved Help Save & Exit Submit 2 Check my work Required information Part 2 of 2 Specific Id Weighted Average FIFO LIFO 6.66 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific Identification, ending inventory consists of 2 January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. joints a) Specific Identification eBook Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Hint Cost per # of units Cost per Cost of Goods # of units in Cost per Ending # of units ending unit Available for sold unit Sold unit Inventory Sale inventory Print Beginning inventory 175 $ 10.00 $ 1,750 References Purchases: January 20 130 9.00 1,170 $ 9.00 1,170 January 30 275 $ 7.00 1,925 Total 580 $ 4.845 130 $ 1,170 0 $ Weighted Average > Mc Graw Hill *6. Homework Problems Saved Help Save & Exit Submit Check my work Required information Specific Id Weighted FIFO Average LIFO Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. b) Weighted average - Periodic Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost Cost of Goods # of units Average # of units in Average Cost Ending # of units per unit Available for Cost of Goods sold Cost per Sold ending per unit Inventor Sale Unit inventory Beginning inventory 175 $ 1, 750 Purchases January 20 130 1, 170 January 30 275 1,925 Total 580 $ 4,845 $ $ Saved Help Save & Exit Submit Check my work Required information Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods # of units Cost per Cost of Goods # of units in Cost per Ending unit Available for Sale sold unit Sold ending unit Inventory inventory Beginning inventory 175 10.00 $ 1,750 Purchases January 20 130 9.0 1,170 January 30 275 7.0 1,925 580 $ 0 $ $ Total 4,845 0 Prey. 2 of 6 Next >er 6: Homework Problems i Saved Help Save & Exit Submit Check my work Required information Weighted of 2 Specific Id FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost of Goods # of units Cost per Cost of Goods # of units in Cost per Ending Book # of units unit Available for Sale sold unit Sold ending unit Inventory inventory Hint Beginning inventory 175 10.00 $ 1,750 Print Purchases: erences January 20 130 9.00 1,170 January 30 275 7.00 1,925 Total 580 $ 4,845 0 $ 0 $