Question

Required information [The following information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product Activities Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 2 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 145 units$20.00 125 units $20.06 270 units Units Acquired at cost 185 units@ $11.00 = $2,035 100 units@ $18.00 = 1,000 270 units@ $ 9.50= 2,565 $5, 600 Totals 555 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. 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.



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