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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.

Date

Activities

Units Acquired at Cost

Units sold at Retail

Jan.

1

Beginning inventory

240

units

@

$

16.50

=

$

3,960

Jan.

10

Sales

190

units

@

$

25.50

Jan.

20

Purchase

170

units

@

$

15.50

=

2,635

Jan.

25

Sales

190

units

@

$

25.50

Jan.

30

Purchase

380

units

@

$

15.00

=

5,700

Totals

790

units

$

12,295

380

units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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.

FILL IN:

Specific Identification

Available for Sale

Cost of Goods Sold

Ending Inventory

Purchase Date

Activity

Units

Unit Cost

Units Sold

Unit Cost

COGS

Ending Inventory- Units

Cost Per Unit

Ending Inventory- Cost

Jan. 1

Beginning inventory

240

Jan. 20

Purchase

170

Jan. 30

Purchase

380

790

0

$0

0

$0

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