Laker Company reported the following January purchases and sales data for its only product. Date…

Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 215 units @ $ 14.00 = $ 3,010 Jan. 10 Sales 165 units @ $ 23.00 Jan. 20 Purchase 160 units @ $ 13.00 = 2,080 Jan. 25 Sales 190 units @ $ 23.00 Jan. 30 Purchase 330 units @ $ 12.50 = 4,125 Totals 705 units $ 9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase,

Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 215 units @ $ 14.00 = $ 3,010 Jan. 10 Sales 165 units @ $ 23.00 Jan. 20 Purchase 160 units @ $ 13.00 = 2,080 Jan. 25 Sales 190 units @ $ 23.00 Jan. 30 Purchase 330 units @ $ 12.50 = 4,125 Totals 705 units $ 9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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. ” v_shapes=”Picture_x0020_1056″

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