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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	240	units	@	$ 16.50	=	$ 3,960
January 10	Sales							190	units	@	$ 25.50
January 20	Purchase	170	units	@	$ 15.50	=	2,635
January 25	Sales							190	units	@	$ 25.50
January 30	Purchase	380	units	@	$ 15.00	=	5,700
	Totals	790	units				$ 12,295	380	units

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.

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

Specific Identification
Purchase Date	Available for Sale			Cost of Goods Sold			Ending Inventory
	Activity	# of units	Cost Per Unit	# of units sold	Cost Per Unit	COGS	Ending Inventory- Units	Cost Per Unit	Ending Inventory- Cost
January 1	Beginning inventory	240
January 20	Purchase	170
January 30	Purchase	380
		790		0		$0	0		$0

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Weighted Average - Perpetual:

Date

Goods Purchased

Cost of Goods Sold

Inventory Balance

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

240

at

$16.50

=

$3,960.00

January 10

January 20

Average cost January 20

January 25

January 30

Totals