Question

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.

Answer 1

________________________________________________________________________

_______________________________________________________________

_______________________________________________________________________

Please feel free to ask any query regarding the solution. Give your valuable rating. Thank You!