Question

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	180	units	@	$	10.50	=	$	1,890
Jan.	10		Sales										140	units	@	$	19.50
Jan.	20		Purchase	110	units	@	$	9.50	=		1,045
Jan.	25		Sales										130	units	@	$	19.50
Jan.	30		Purchase	260	units	@	$	9.00	=		2,340
			Totals	550	units					$	5,275		270	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Exercise 6-3 Perpetual: Inventory costing methods LO P1

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.

Answer 1