Question

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

aker 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 225 units @ $ 15.00 = $ 3,375

Jan. 10 Sales 175 units @ $ 24.00

Jan. 20 Purchase 180 units @ $ 14.00 = 2,520

Jan. 25 Sales 210 units @ $ 24.00

Jan. 30 Purchase 350 units @ $ 13.50 = 4,725 Totals 755 units $ 10,620 385 units

The Company uses a perpetual inventory system.

For specific identification, ending inventory consists of 370 units, where 350 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.

Answer 1