Question

Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units @ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.00 = 880 125 units @ $18.00 250 units @ $7.50 = 525 units 1,875 $4,240 250 units Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 275 units, where 250 are rom the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. 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.

Answer 1

Solution:

below excel sheets shows that FIFO, LIFO Weighted average and specific identification