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	175	units	@	$	10.00	=	$	1,750
Jan.	10		Sales										135	units	@	$	19.00
Jan.	20		Purchase	130	units	@	$	9.00	=		1,170
Jan.	25		Sales										140	units	@	$	19.00
Jan.	30		Purchase	250	units	@	$	8.50	=		2,125
			Totals	555	units					$	5,045		275	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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.

Complete this question by entering your answers in the tabs below. 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 unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Cost Per Inventory. Unit Inventory Units Cost Activity Purchase Date Unit Cost Units Units Unit Cost COGS Sold 175 Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 130 250 555 S 0 S 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.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 175 @ S 10.00 = $ 1,750.00 January 10 January 20 Average cost January 25 January 30 Totals 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 Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit # of units Sold unit Cost per Inventory Balance $ 10.00 = $ 1,750.00 January 1 175 @ January 10 January 20 January 25 January 30 Totals 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 Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance # of units Cost per Inventory unit Balance Date sold January 1 175 a $ 10.00 = $ 1,750.00 January 10 January 20 January 25 January 30 Totals