Required InformationTree Seedings has the following current$-$year purchsees and sales for its only product.Assume the perlodic inventory system is used.Assume the perpetusl inventory system is used.

Requlred:

Complete the toble to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

Determine the cost ussigned to ending inventory and to cost of goods sold using weighted aversge.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Determine the cost ussigned to ending inventory and to cost of goods sold using LIFO.

Complete this question by entering your answers in the tabs below.

Specilic

Weighted

Average

FIFO

LIFO

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Required:

Compute gross profit for the month of January for Laker Company for the four Inventory methods using the perlodic Inventory

system.

Which method ylelds the highest gross profit?

Does gross profit using weighted average fall between that using FIFO and LIFO?

If costs were rising instead of falling, which method would yleld the highest gross profit?

Complete this question by entering your answers in the tabs below.

Req $2$ to $4$

Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory

system.

Note: Round cost per unit to $2$ decimal places and final answers to the nearest whole dollars.

Requlred:

The compony uses a perpetusl inventory system.

a$.$ Determine the costs sssigned to ending inventory and to cost of goods sold using FIFO.

b$.$ Determine the costs sssigned to ending inventory and to cost of goods sold using LIFO.

c$.$ Compute the gross profit for each method.

Complete this question by entering your answers in the tabs below.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

$[$The following information applies to the questions displayed below.$]$

Laker Company reported the following January purchases and sales data for Its only product. For specific identification,

ending Inventory consists of $280$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning Inventory.

The Company uses a perlodic inventory system. For specific Identification, ending Inventory consists of $280$ units from the January $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning Inventory. Determine the cost assigned to ending

Inventory and to cost of goods sold using $($d$)$ specific identification, $($b$)$ weighted average, $($c$)$ FIFO, and $($d$)$ LIFO.

Complete this question by entering your answers in the tabs below.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.