Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 204 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 19 are from beginning inventory.

Assume the perpetual inventory system is used.

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.

Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 204 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 19 are from beginning inventory. Weighted Average