Required information The following information applies to the questions displayed below.) Laker Company reported the...
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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 Units Acquired at Cost Date an. 1 Beginning inventory Jan. 10 Sales an. 2e Purchase an. 25 Sales Jan. 30 Purchase 165 units$9.e0$1,485 110 units $8.80- 880 230 units $7.50 1,725 Units sold at Retail 125 unitS$18.8 125 units$18.80 250 units Totals 505 units $4,e90 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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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