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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Laker Company reported the following January
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. Date Dan. 1 Beginning Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost 180 units @ $15.00= 2,700 370 units $14.50 5,365 Units sold at Retail 185 units $25.00 200 units $25.00 385 units Totals 785 units $11,825 ces The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 6-3 Perpetual: Inventory costing methods LO P1 Required: 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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