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  3. laker company reported the following january purch

Laker Company reported the following January purchases and sales data for its only product. The...

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Accounting

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 230 units @ $ 15.50 = $ 3,565
January 10 Sales 180 units @ $ 24.50
January 20 Purchase 190 units @ $ 14.50 = 2,755
January 25 Sales 220 units @ $ 24.50
January 30 Purchase 400 units @ $ 14.00 = 5,600
Totals 820 units $ 11,920 400 units

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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