Question: I need help with the LIFO and FIFO methods please Required information [The following information applies to the questions displayed below.] Laker Company reported the

I need help with the LIFO and FIFO methods please

Required information

[The following information applies to the questions displayed below.] 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 160 units @ $ 8.50 = $ 1,360
Jan. 10 Sales 120 units @ $ 17.50
Jan. 20 Purchase 100 units @ $ 7.50 = 750
Jan. 25 Sales 120 units @ $ 17.50
Jan. 30 Purchase 240 units @ $ 7.00 = 1,680
Totals 500 units $ 3,790 240 units

Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 260 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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