Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic
Posted: Fri Jul 01, 2022 8:52 am
Laker Company reported the following January purchases and salesdata for its only product. The Company uses a periodic inventorysystem. For specific identification, ending inventory consists of220 units, where 180 are from the January 30 purchase, 5 are fromthe January 20 purchase, and 35 are from beginning inventory.
1. Complete the table to determine thecost assigned to ending inventory and cost of goods sold usingspecific identification.2. Determine the cost assigned to endinginventory and to cost of goods sold using weighted average.3. Determine the cost assigned to endinginventory and to cost of goods sold using FIFO.4. Determine the cost assigned to endinginventory and to cost of goods sold using LIFO.
1. Complete the table to determine thecost assigned to ending inventory and cost of goods sold usingspecific identification.2. Determine the cost assigned to endinginventory and to cost of goods sold using weighted average.3. Determine the cost assigned to endinginventory and to cost of goods sold using FIFO.4. Determine the cost assigned to endinginventory and to cost of goods sold using LIFO.