Laker Company reported the following January purchases and sales data for its only product

Subject:AccountingPrice:3.85 Bought3

Share With

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	215	units	@	$	14.00	=	$	3,010
Jan.	10		Sales										165	units	@	$	23.00
Jan.	20		Purchase	160	units	@	$	13.00	=		2,080
Jan.	25		Sales										190	units	@	$	23.00
Jan.	30		Purchase	330	units	@	$	12.50	=		4,125
			Totals	705	units					$	9,215		355	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required:
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted 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.

Required 1Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Specific ldentification Available for Sale Cost of Goods Sold Ending Inventory Unit Cost Ending Cost Per Inventory Ending Purchase Date Activity Units Unit Cost COGS Inventory Sold Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchasee 215 $ 14.00 160 $ 13.00 330 12.50 705 0 0 Required1 Required 2>