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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. ...

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Accounting

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 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 385 units @ $ 13.00 = 5,005
Totals 790 units $ 10,900 385 units

rev: 03_03_2017_QC_CS-81438

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 405 units, where 385 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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