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.

Laker Company reported the following January purchases and sales data for its only product Units Acquired at Cost 185 units $11.00 = $2,035 Date Activities Units sold at Retail 1 Beginning inventory Jan. Jan. 10 Sales 145 units @ $20.00 100 units@ $10.00 = Jan. 20 Purchase 1,000 125 units @ $20.00 Jan. 25 Sales 270 units@ $9.50 = Jan. 30 Purchase 2,565 555 units $5,600 270 units Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Inventory- Cost Inventory- Cost Per Units Unit Cost Units Sold Purchase Date Activity Units Unit Cost COGS Unit Beginning inventory Purchase 185 11.00 Jan. 1 100 10.00 Jan. 20 270 9.50 Jan. 30 Purchase 555 0 Weighted Average Perpetual: Goods Purchased Inventory Balance Cost of Goods Sold # of units sold Cost per Cost of Goods unit Cost per unit Cost per unit # of Inventory Balance # of units Date units Sold January 1 185@ $2,035.00 $ 11.00 January 10 January 20 Average cost January 25 January 30 Totals Perpetual LIFO Goods Purchased Inventory Balance Cost of Goods Sold Cost per unit # of Cost per unit Cost of Goods Sold Cost per unit # of units sold Inventory Balance # of units Date units January 1 185 11.00 2,035.00 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Cost of Goods Sold Goods Purchased Inventory Balance #of units sold Cost per Cost of Goods unit # of Cost per unit Cost per Inventory Balance # of units Date units Sold unit S January 1 $11.00 185 = 2,035.00 January 10 January 20 January 25 January 30 Totals