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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, ending
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 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail @ uni $ $ January 1 Beginning inventory 215 ts 14.00 3,010 165 @ January Sales units $23.00 10 January uni @ $ " Purchase 160 20 13.00 January Sales 2,080 190 @ units $23.00 25 January 30 uni @ Purchase 355 ts 11.00 56 uni Totals 730 ts = 3,905 $ 355 8,995 units 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. igned to ending inventory and to cost of goods sold using LIFO. Deto
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