Question - Laker Company reported the following January purchases and sales data for its only product.
|
Date
|
Activities
|
Units Acquired at Cost
|
Unit Sold at Retail
|
|
Jan 1
|
Beginning inventory
|
140 units @ $6.00 = $840
|
|
|
Jan 10
|
Sales
|
|
100 units @ $15
|
|
Jan 20
|
Purchase
|
60 units @ $5.00 = 300
|
|
|
Jan 25
|
Sales
|
|
80 units @ $15
|
|
Jan 30
|
Purchase
|
180 units @ $4.50 = 810
|
|
|
|
Totals
|
380 units $1,950
|
180 units
|
Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.