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DETERMINE THE COST ASSIGNED TO ENDING INVENTORY AND TO COST OF GOODS SOLD USING LIFO.

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 355 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost Units sold at Retail 215 units @ $14.00 $3,010 165 units @ $23.00 160 units $13.00 2,880 190 unitse $23.00 355 units @ $12.00 4,269 730 units $9,350 355 units Totals equired: etermine the cost assigned to ending inventory and to cost of goods sold using (a) specific lentification, (b) weighted average. (FIFO, and (c) LIFO. Answer is not complete. Complete this questions by entering your answers in the below tabs. FIFO LIFO Weighted Average Specific ld Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Cost of Goods Sold 3) LIFO Cost of Goods Available for Sale Cost of #of Goods Cost Cost of Goods # of units sold Cost per unit #ofu in end inveni per unit Sold units Available for Sale 215 14 00 S 3,010 Beginning inventory Purchases 160 13.00 2080 Jan 20 355 12.00 4,260 Jan 30 0 $ 730 9 350 0 Total LIFE

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