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	195	units	@	$	12.00	=	$	2,340
Jan.	10		Sales										155	units	@	$	21.00
Jan.	20		Purchase	120	units	@	$	11.00	=		1,320
Jan.	25		Sales										135	units	@	$	21.00
Jan.	30		Purchase	290	units	@	$	10.50	=		3,045
			Totals	605	units					$	6,705		290	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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

Hope it helps.. In case of any doubts or issues, please do comment below