Reference no: EM132462264
Laker Company reported the following January purchases and sales data for its only product.
DateActivitiesUnits Acquired at CostUnits sold at Retail
Jan.1 Beginning Inventory 3..s@$10.00 =$3,000
Jan.10 Sales 165 units@$18.00
Jan.20 Purchase 3..s@$9.00 = 3,330
Jan.25 Sales 295 units@$18.00
Jan.30 Purchase 2..s@$8.00 = 1,920
Totals 910 units $8,250 460 units
Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 450 units, where 240 are from the January 30 purchase, 80 are from the January 20 purchase, and 130 are from beginning inventory.
Question 1: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average, FIFO, and LIFO.
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