Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of $370$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning inventory.DateJanuary $1$January $10$January $20$January $25$January $30$Activities Beginning inventory Sales Purchase Totals Units Acquired at Cost$220$ units$ $14\mathrm{.}50=$Units sold at Retail$ $3,190170$ units$ $23\mathrm{.}50170$ units$ $13\mathrm{.}50=2,295200$ units$ $23\mathrm{.}50370$ unitsi$760$ units$ $13\mathrm{.}00=4,810$$ $10,295370$ units Exercise $5-3($Algo$)$ Perpetual: Inventory costing methods LO P$1$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 using specific identification$\mathrm{.}$

$2.$ Determine the cost assigned to ending inventory and to cost of goods sold using weighted average$\mathrm{.}$

$3.$ Determine the cost assigned to ending inventory and to cost of goods sold using FIFO$\mathrm{.}$

$4.$ Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Answer rating: 100% (QA)

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