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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
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. Units sold at Retail 175 units & $24.00 Date Activities Units Acquired at cost Jan. 1 Beginning inventory 225 unitse $15.00 - $ 3,375 Jan. 10 Sales Jan. 20 Purchase 180 unitse $14.00 - 2,520 Jan. 25 Sales Jan. 30 Purchase 350 unitse $13.50 - 4,225 $10,620 210 units e$24.00 385 units Totals 755 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Exercise 6-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory anal 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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