Chapter 6 Inventories and Cost of Sales 1. Laker Company reported the following January purchases and sales data for its only www product. Date Activities Beginning inventory Sales Purchase Jan. 1 Jan. 10 Jan. 20 Jan. 25 Sales Jan 30 Purchase Units Acquired at Cost 140 units @ $6.00 = $840 60 units @ $5.00 = 300 180 units @ $4.50 = 810 380 units $1.950 Units sold at Retail 100 units @ $15.00 = $1,500 80 units @ $15.00 = $1,200 180 units $2.700 Laker uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using specific identification, weighted average, FIFO, and LIFO. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 1. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

1. Laker Company reported the following January purchases and sales data for its only product. baler uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using specific identification, weighted average, FIFO, and LIFO. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning iaventory. 1. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the Jantary 20 purchase, and 15 are from beginning inventory. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted averaee