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
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. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 204 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 19 are from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 142 units @ Units Acquired at Cost $ 6.00 Units sold at Retail $ 852 98 units 62 units @ $ 5.00 13 310 82 units G G @ $ 15.00 2 $ 15.00 180 units 384 units @ $ 4.50 810 $ 1,972 180 units 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. Complete this question by entering your answers in the tabs below.
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