Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 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 inventory220units@$ 14.50=$ 3,190 January 10Sales 170units@$ 23.50January 20Purchase170units@$ 13.50=2,295 January 25Sales 200units@$ 23.50January 30Purchase370units@$ 13.00=4,810 Totals760units $ 10,295370units rev: 10_06_2020_QC_CS-232448 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.

Name: Laker Company reported the following January purchases and sales data
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Description: Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase, 5 units from

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date	Activities	Units Acquired at Cost	Units sold at Retail
January 1	Beginning inventory	220	units	@	$ 14.50	=	$ 3,190
January 10	Sales							170	units	@	$ 23.50
January 20	Purchase	170	units	@	$ 13.50	=	2,295
January 25	Sales							200	units	@	$ 23.50
January 30	Purchase	370	units	@	$ 13.00	=	4,810
	Totals	760	units				$ 10,295	370	units

rev: 10_06_2020_QC_CS-232448

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.

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