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	230	units	@	$	15.50	=	$	3,565
Jan.	10		Sales										180	units	@	$	24.50
Jan.	20		Purchase	190	units	@	$	14.50	=		2,755
Jan.	25		Sales										220	units	@	$	24.50
Jan.	30		Purchase	360	units	@	$	14.00	=		5,040
			Totals	780	units					$	11,360		400	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using a weighted average. 2. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 3. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

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

1.

Weighted Average - Perpetual:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

230

@

$15.50

=

$3,565.00

January 10

January 20

Average cost

January 25

January 30

Totals