Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

Date		Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1	Beginning inventory	200	units	@	$	12.50	=	$	2,500
Jan.	10	Sales										160	units	@	$	21.50
Jan.	20	Purchase	130	units	@	$	11.50	=		1,495
Jan.	25	Sales										140	units	@	$	21.50
Jan.	30	Purchase	300	units	@	$	11.00	=		3,300
		Totals	630	units					$	7,295		300	units

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.

Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

a) Specific Identification	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning inventory
Purchases:
Jan. 20
Jan. 30
Total	0		$0	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.)

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.