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 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.

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