Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. 3SkippedRequired information[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, ending inventory consists of 260 units from the January 30purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.DateJanuary 1January 10January 20January 25January 30ActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsUnits Acquired at Cost170 units @ $9.50 =120 units @$8.50 =260 units @550 units$ 8.00 =$ 1,6151,0202,080$4,715Units sold at Retail130 units130 units260 units@@$ 18.50$18.50Required: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.

Name: Laker Company reported the following January purchases and sales data
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from