# Inventory Costing Exercise## OverviewLaker Company provided the following data on January purchases and sales for its sole product:### Purchases and Sales Data| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||----------|---------------------|--------------------------------|------------------------------|| Jan. 1 | Beginning inventory | 225 units @ $15 each = $3,375 | || Jan. 10 | Sales | | 175 units @ $24 each || Jan. 20 | Purchase | 180 units @ $14 each = $2,520 | || Jan. 25 | Sales | | 210 units @ $24 each || Jan. 30 | Purchase | 350 units @ $13.50 each = $4,725 | || **Totals** | | **755 units** = **$10,620** | **385 units** |### Ending InventoryLaker Company uses a perpetual inventory system. For specific identification, the ending inventory consists of 370 units: - 350 units from the January 30 purchase- 5 units from the January 20 purchase- 15 units from the beginning inventory### Requirements1. **Specific Identification**: Table completion to allocate costs to ending inventory and cost of goods sold.2. **Weighted Average**: Determine costs using the weighted average method.3. **FIFO (First-In, First-Out)**: Determine costs using FIFO.4. **LIFO (Last-In, First-Out)**: Determine costs using LIFO.## Specific Identification Method### Table Layout- **Available for Sale**: Lists each transaction, the units, and unit cost.- **Cost of Goods Sold (COGS)**: Requires filling in units sold and total COGS.- **Ending Inventory**: Requires calculating units remaining, cost per unit, and total cost.The table should be completed with precise values for ending inventory and COGS under the specific identification method, taking into account the stated allocations from the different purchase dates.### Instructions for Completion- **Ending Inventory Calculation**: Determine which units are left and their respective costs.- **COGS Calculation**: Subtract ending inventory cost from total cost for all available goods.This exercise requires rounding costs per unit to two decimal places for accuracy

Name: # Inventory Costing Exercise## OverviewLaker Company provided the fol
Uploaded: 2022-11-21T18:53:23.000Z
Channel: Bartleby
Description: # Inventory Costing Exercise## OverviewLaker Company provided the following data on January purchases and sales for its sole product:### Purchases and Sales Data| Date | Activities | Units Acquired at Cost | Units Sold at Retail