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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.

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The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 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 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.

Date Activities Units Acquired at Cost Units sold at Retail an. 1 Beginning inventory 235 units@$16.00 - 3,760 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 185 units $25.00 200 units$25.e0 385 units 180 units$15.002,700 370 units @ $14.50= 785 units 5,365 $11,825 Totals

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