Use the following information for the Exercises 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 units from the January purchase, units from the January purchase, and units
from beginning inventory.
Exercise Algo Perpetual: Inventory costing methods LO P
Assume the perpetual inventory system is used.
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.
