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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 240 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 160 units @ $ 8.50 = $ 1,360
January 10 Sales 120 units @ $ 17.50
January 20 Purchase 100 units @ $ 7.50 = 750
January 25 Sales 120 units @ $ 17.50
January 30 Purchase 240 units @ $ 7.00 = 1,680
Totals 500 units $ 3,790 240 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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