Laker Company reported the following January purchases and sales data for its only product. The...
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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 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 170 units @ $ 9.50 = $ 1,615 January 10 Sales 130 units @ $ 18.50 January 20 Purchase 120 units @ $ 8.50 = 1,020 January 25 Sales 130 units @ $ 18.50 January 30 Purchase 260 units @ $ 8.00 = 2,080 Totals 550 units $ 4,715 260 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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