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Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to...

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Accounting

Use the following information for the Exercises 3-7 below. (Algo)

[The following information applies to the questions displayed below.]

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 205 units @ $ 13.00 = $ 2,665
January 10 Sales 165 units @ $ 22.00
January 20 Purchase 140 units @ $ 12.00 = 1,680
January 25 Sales 145 units @ $ 22.00
January 30 Purchase 310 units @ $ 11.50 = 3,565
Totals 655 units $ 7,910 310 units

Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1

Assume the perpetual inventory system is used.

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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