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Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Units sold at Retail Date 0an.
Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Units sold at Retail Date 0an. Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Dan. 30 Purchase 1 Beginning inventory 140 units$6.00840 100 units 15 60 units @ $5.00# 300 80 units 15 180 units $4.50 8 380 units 810- $1,950 180 units Totals Required The Company uses a periodic inventory system. 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, () FIFO, and (a) LIFO Complete this question by entering your answers in the tabs below Specific IdWeighted FIFO LIFO Average 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
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