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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. 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 Date Activities Units Aquired at cost Voits sold at Retail January 1 Beginning inventory 140 units $16.00 - $340 January 10 Sales 100 unita $ 15 January 20 Purchase 60 units $5.00 - 300 January 25 sales 0 ite 3 15 January 30 Purchase 180 units $ 4.50 - 810 Total 380 units $1.950 130 unita 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. hahe hain
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