Question
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product.
Required information
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Date | Activities | Units Acquired at Cost | Units sold at Retail | |||||||||||||||
Jan. | 1 | Beginning inventory | 155 | units | @ | $ | 8.00 | = | $ | 1,240 | ||||||||
Jan. | 10 | Sales | 115 | units | @ | $ | 17.00 | |||||||||||
Jan. | 20 | Purchase | 90 | units | @ | $ | 7.00 | = | 630 | |||||||||
Jan. | 25 | Sales | 95 | units | @ | $ | 17.00 | |||||||||||
Jan. | 30 | Purchase | 210 | units | @ | $ | 6.50 | = | 1,365 | |||||||||
Totals | 455 | units | $ | 3,235 | 210 | units | ||||||||||||
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory.
Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
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