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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities January 10 January 20 January 25 Beginning inventory Sales Purchase Sales January 30 Purchase Totals 110 units @ 270 units @ 560 units Units Acquired at Cost 180 units @ $ 10.50 = $ 9.50 = Units sold at Retail $ 1,890 140 units @ $ 19.50 1,045 130 units @ $ 19.50 $ 9.00 = 2,430 $ 5,365 270 units Assume the perpetual inventory system is used. 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.
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