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i need B, C, and D Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic
i need B, C, and D
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 234 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 49 are from beginning inventory Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Units sold at Retail 157 units @ $6.00 - $ 942 83 units $15.00 77 units @ $5.00 - Jan. 25 Sales 97 units @ $15.00 180 units @ $4.50 414 units $2,137 180 units Jan. 10 Sales Jan. 20 Purchase 385 Jan. 30 Purchase Totals 810 Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (b) weighted average. ( FIFO, and (c) LIFO Step by Step Solution
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