Laker Company reported the following January purchases and sales data for its only product. For specific identification,
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Question:
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of units from the January purchase, units from the January purchase, and units from beginning inventory.
Date
Activities
January
Beginning inventory
January
Sales
units @ $ $
Units sold at Retail
January
Purchase
units @ $
units @ $
January
Sales
Purchase
January
units @ $
units @ $
Totals
Units Acquired at Cost
units
$
units
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.
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