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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of units from the January purchase, units from the January purchase, and units from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail
January Beginning inventory units @ $ $
January Sales units @ $
January Purchase units @ $
January Sales units @ $
January Purchase units @ $
Totals units $ units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of units from the January purchase, units from the January purchase, and units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, b weighted average, c FIFO, and d LIFO.
