Question

[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 240 units @ $ 16.50 = $ 3,960

Jan. 10 Sales 190 units @ $ 25.50

Jan. 20 Purchase 170 units @ $ 15.50 = 2,635

Jan. 25 Sales 190 units @ $ 25.50

Jan. 30 Purchase 380 units @ $ 15.00 = 5,700

Totals 790 units $ 12,295 380 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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