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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.

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 210 units @ $ 13.50 = $ 2,835
Jan. 10 Sales 160 units @ $ 22.50
Jan. 20 Purchase 150 units @ $ 12.50 = 1,875
Jan. 25 Sales 160 units @ $ 22.50
Jan. 30 Purchase 320 units @ $ 12.00 = 3,840
Totals 680 units $ 8,550 320 units

Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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