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

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.