Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.DateActivitiesUnits Acquired at CostUnits sold at RetailJanuary 1Beginning inventory225units@$ 15.00=$ 3,375 January 10Sales 175units@$ 24.00January 20Purchase180units@$ 14.00=2,520 January 25Sales 210units@$ 24.00January 30Purchase385units@$ 12.00=4,620 Totals790units $ 10,515385units 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.

Under the specific identification method, we know exactly which units were sold and which remain in…

Answered: Laker Company reported the following…

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

Date	Activities	Units Acquired at Cost	Units sold at Retail
January 1	Beginning inventory	225	units	@	$ 15.00	=	$ 3,375
January 10	Sales							175	units	@	$ 24.00
January 20	Purchase	180	units	@	$ 14.00	=	2,520
January 25	Sales							210	units	@	$ 24.00
January 30	Purchase	385	units	@	$ 12.00	=	4,620
	Totals	790	units				$ 10,515	385	units

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.

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.