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Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Jan. 10 Beginning inventory Sales Jan. 20
Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Jan. 10 Beginning inventory Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units Sold at Retail 140 units @ $6.00 = $ 840 100 units @ $15 60 units @ $5.00 = 300 80 units @ $15 180 units @ $4.50 = 810 380 units $1.950 180 units Required The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (b) weighted average. (c) FIFO, and (d LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory
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