Laker Company reported the following January purchases and sales data for its only product.

Date			Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1		Beginning inventory	225	units	@	$	15.00	=	$	3,375
Jan.	10		Sales										175	units	@	$	24.00
Jan.	20		Purchase	180	units	@	$	14.00	=		2,520
Jan.	25		Sales										210	units	@	$	24.00
Jan.	30		Purchase	350	units	@	$	13.50	=		4,725
			Totals	755	units					$	10,620		385	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required: 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.

Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per un places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory- Purchase Date Ending Inventory Ending Inventory- Cost Unit Cost Activity Units Sold Units Unit Cost COGS Cost Per Unit Units Jan. 1 Jan. 20 Beginning inventory Purchase Purchase 225 180 350 755 $ 15.00 $ 14.00 $ 13.50 Jan. 30 0 Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Inventory Balance Weighted Average - Perpetual: Goods Purchased Date # of Cost per units unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 225 @ $ 15.00 = $ 3,375.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased ok # of units Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per unit Inventory Balance # of units Cost per inventory unit Balance 225 @ $ 15.00 - $ 3,375.00 January 1 January 10 175 @ $ 24.00 = $ 4,200.00 January 20 180 @ $ 14.00 $ 15.00 = $ 15.00 $ 14.00 @ @ sint erences January 25 January 30 350 @ $ 13.50 $ 13.50 Totals Required 2 Required 4 > Require Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 225 @ $ 15.00 = $ 3,375.00 January 1 January 10 January 20 January 25 nces January 30 Totals