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Laker Company reported the following January purchases and sales data for its only product.
Required:
The Company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO,
(d) LIFO. (Round per unit costs and inventory amounts to dollars and cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginninginventory.
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