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

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Accounting

Use the following information for the Exercises 3-7 below. (Algo)
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[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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 240 units @ $ 16.50= $ 3,960
January 10 Sales 190 units @ $ 25.50
January 20 Purchase 170 units @ $ 15.50=2,635
January 25 Sales 190 units @ $ 25.50
January 30 Purchase 380 units @ $ 15.00=5,700
Totals 790 units $ 12,295380 units
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.

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