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Laker Company reported the following January purchases and sales data for its only...

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Accounting

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual 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.

Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330
January 10 Sales 150 units @ $ 16.00
January 20 Purchase 110 units @ $ 6.00 = 660
January 25 Sales 130 units @ $ 16.00
January 30 Purchase 280 units @ $ 5.50 = 1,540
Totals 580 units $ 3,530 280 units

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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