Required information Use the following information for the Exercises .docx - Required information Use the following information for the Exercises

Required information Use the following information for the Exercises .docx

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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 Jan. Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 200 units @ $12.50 = $2,500 160 units @ $21.50 130 units @ $11.50 - 1,495 140 units @ $21.50 300 units @ $11.00 = 3,300 630 units $ 7,295 300 units Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, endinginventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and25 are from beginning inventory. Determine the cost assignedto ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (C) LIFO. Complete this question by entering your answers in the tabs below.

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