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D Required information The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only
D Required information 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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 210 units@ $13.50 = $2,835 Jan. 10 Sales 160 units @ $22.50 Jan. 20 Purchase 150 units@ $12.50 = 1,875 Jan. 25 Sales 180 units @ $22.50 Jan. 30 Purchase 320 units@ $12.00 - 3,840 Totals 680 units $8,550 340 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory 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 questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4
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