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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 200 units from
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 150 units @ $ 7.50 = Units sold at Retail $ 1,125 110 units @ $ 16.50 Totals 80 units @ 200 units @ 430 units $ 6.50 = 520 90 units @ $ 16.50 $ 6.00 = 1,200 $ 2,845 200 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. Complete this question by entering your answers in the tabs below. Specific Identification Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
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