Question

In: Accounting

Required information [The following information applies to the questions displayed below.] Laker Company reported the following...

Required information

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

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 160 units @ $ 8.50 = $ 1,360
Jan. 10 Sales 120 units @ $ 17.50
Jan. 20 Purchase 100 units @ $ 7.50 = 750
Jan. 25 Sales 120 units @ $ 17.50
Jan. 30 Purchase 220 units @ $ 7.00 = 1,540
Totals 480 units $ 3,650 240 units


The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 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 costs assigned to ending inventory and to cost of goods sold using specific identification.
2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average.
3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

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