The following information applies to the questions displayed below.
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of units from the January purchase, units from the January purchase, and units from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail
January Beginning inventory units @ $ $
January Sales units @ $
January Purchase units @ $
January Sales units @ $
January Purchase units @ $
Totals units $ units
Assume the perpetual inventory system is used.
Required:
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
