[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	@	$	8.80	=	$	2,112
Jan.	10	Sales										135	units	@	$	16.80
Jan.	20	Purchase	310	units	@	$	7.80	=		2,418
Jan.	25	Sales										235	units	@	$	16.80
Jan.	30	Purchase	180	units	@	$	6.80	=		1,224
		Totals	730	units					$	5,754		370	units

Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 360 units, where 180 are from the January 30 purchase, 75 are from the January 20 purchase, and 105 are from beginning inventory.

rev: 11_25_2014_QC_58242

2.

value: 0.75 points

Required information

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

Hints

References

eBook & Resources

Hint #1

Check my work

3.

value: 0.75 points

Required information

2.	Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.(Round cost per unit to 2 decimal places. )

rev: 08_05_2013_QC_33305, 08_12_2013_QC_33636

Hints

References

eBook & Resources

Hint #1

Check my work

4.

value: 0.75 points

Required information

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

rev: 08_13_2013_QC_33304, 08_23_2013_QC_33304, 10_25_2013_QC_33310

Hints

References

eBook & Resources

Hint #1

Check my work

5.

value: 0.75 points

Required information

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