Assignment Details
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 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Required steps for this assignment:
- Review the before beginning this assignment
- Use this to complete your assignment.
- Complete the Specific Identification tab to determine the cost assigned to ending inventory and cost of goods sold using specific identification tab.
- Determine the cost assigned to ending inventory and to cost of goods sold using FIFO (First In First Out) tab.
- Determine the cost assigned to ending inventory and to cost of goods sold using LIFO (Last In Last Out) tab.
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