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43 Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company
43 Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date: January 1 January 10 January 201 January 25. January 30 Activities Beginning inventory Sales Purchase Sales Purchase Total Units Acquired at Cost 220 units $14.50- $3,190 170 units $13.50- Units sold at Retail 170 units $ 23.50 2,295 200 units $ 23.50 370 units $13.00- 760 unita 4,810 $ 10,295 370 units Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Complete this question by entering your answers in the tabs below.
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