Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to...

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Accounting

Use the following information for the Exercises 3-7 below. (Algo)

[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 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory.

Date	Activities	Units Acquired at Cost	Units sold at Retail
January 1	Beginning inventory	205	units	@	$ 13.00	=	$ 2,665
January 10	Sales							165	units	@	$ 22.00
January 20	Purchase	140	units	@	$ 12.00	=	1,680
January 25	Sales							145	units	@	$ 22.00
January 30	Purchase	310	units	@	$ 11.50	=	3,565
	Totals	655	units				$ 7,910	310	units

Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1

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.

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