Assignment Details Laker Company reported the following January purchases and sales data

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:

1. Review the Unit 4 IP Model Problem before beginning this assignment
2. Use this ACCT201_U4_IP_template to complete your assignment.
3. Complete the Specific Identification tab to determine the cost assigned to ending inventory and cost of goods sold using specific identification tab.
4. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO (First In First Out) tab.
5. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO (Last In Last Out) tab.

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