Solution for QID #5023: Laker Company reported the following January purchases and s | StudyHelpMe

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>