Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

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 $15$ units from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail

January $1$ Beginning inventory $225$ units @ $ $15\mathrm{.}00=$ $ $3,375$

January $10$ Sales $175$ units @ $ $24\mathrm{.}00$

January $20$ Purchase $180$ units @ $ $14\mathrm{.}00=2,520$

January $25$ Sales $210$ units @ $ $24\mathrm{.}00$

January $30$ Purchase $385$ units @ $ $12\mathrm{.}00=4,620$

Totals $790$ units $ $10,515385$ units

The Company uses a periodic inventory system. For specific identification, ending inventory consists of $385$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory. 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.