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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 385 units from the
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
DateActivitiesUnits Acquired at CostUnits sold at RetailJanuary 1Beginning inventory235units@$ 16.00=$ 3,760 January 10Sales 185units@$ 25.00January 20Purchase180units@$ 15.00=2,700 January 25Sales 200units@$ 25.00January 30Purchase385units@$ 13.00=5,005 Totals800units $ 11,465385units
Assume the perpetual inventory system is used.
Required:
- Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
- Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
- Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
- Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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