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! Required information [The following information applies to the questions displayed below.] oints Laker Company reported the following January purchases and sales data for
! Required information [The following information applies to the questions displayed below.] oints Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. eBook Date Hint January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory 140 units Units Acquired at Cost @ $ 6.00 $ 840 Sales 100 units Units sold at Retail @ $ 15 Purchase Sales Purchase 60 units Totals 180 units 380 units @ $5.00 - @ $ 4.50 - 300 80 units @ $ 15 810 $ 1,950 180 units Print References 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.
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