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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification,
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Required: Units Acquired at Cost 210 units @ $ 13.50 = 150 units @ $ 12.50 = 340 units @ $ 12.00 = 700 units $ 2,835 160 units @ Units sold at Retail $ 22.50 1,875 180 units $ 22.50 4,080 $ 8,790 340 units 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 question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO
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