Laker Company reported the following January purchases and sales data for its only product. The...
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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 240 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
160
units
@
$ 8.50
=
$ 1,360
January 10
Sales
120
units
@
$ 17.50
January 20
Purchase
100
units
@
$ 7.50
=
750
January 25
Sales
120
units
@
$ 17.50
January 30
Purchase
240
units
@
$ 7.00
=
1,680
Totals
500
units
$ 3,790
240
units
Required:
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Answer & Explanation
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