Required information

Use the following information for the Exercises 3-7 below. (Algo)

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[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 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	160	units	@	$ 8.50	=	$ 1,360
January 10	Sales							120	units	@	$ 17.50
January 20	Purchase	100	units	@	$ 7.50	=	750
January 25	Sales							120	units	@	$ 17.50
January 30	Purchase	240	units	@	$ 7.00	=	1,680
	Totals	500	units				$ 3,790	240	units

rev: 10_06_2020_QC_CS-232448

Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1

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.