Accounting Problem
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 problem:
• Review the IP Model Problem before beginning this assignment
• Use this IP_template 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.
View the Individual Project Demo for guidance on how to submit your Individual Project via the Virtual Classroom or the CTU Mobile app.
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.