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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. Activities Units Acquired at Cost Units sold at Retail 140 units @ $6.00= $ 840 Date Dan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Dan. 25 Sales Jan. 30 Purchase 100 units 15 60 units$5.00300 80 units 15 180 units @ $4.50= 380 units 810- $1,950 180 units Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory 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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