Part 1 of 2 Required information [The following information applies t.docx - Part 1 of 2 Required information[The following information applies to the

Part 1 of 2 Required information [The following information applies t.docx

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Part 1 of 2 Required information [The following informationapplies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. 0.71 noints Date Units sold at Activities Units Acquired at Cost Retail Jan. 1 210 [email protected] $13.50 = $2,835 inventory Jan.10 Sales 160 units @ $22.50 Jan. 20 Purchase 150 units @ $12.50 = 1,875 Jan. 25 Sales 180 units @ $22.50 Jan. 30 Purchase 320 [email protected] $12.00 = 3,840 Totals680 units $8,550 340 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and15 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.

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