Reference no: EM132226023

Question - Laker Company reported the following January purchases and sales data for its only product.

Date	Activities	Units Acquired at Cost	Units sold at Retail
Jan. 1	Beginning inventory	170 units @ $9.50 = $1,615
Jan. 10	Sales		130 units @ $18.50
Jan. 20	Purchases	120 units @ $8.50 = 1,020
Jan. 25	Sales		130 units @ $18.50
Jan. 30	Purchases	240 units @ $8.00 = 1,920
Total	Totals	530 units = $4,555	260 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

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.