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FIFO

LIFO

Use the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed belowJ Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold usinig specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using welghted 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. (1) Required information Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Required information (1) Required information