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 385 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	235	units	@	$ 16.00	=	$ 3,760
January 10	Sales							185	units	@	$ 25.00
January 20	Purchase	180	units	@	$ 15.00	=	2,700
January 25	Sales							200	units	@	$ 25.00
January 30	Purchase	385	units	@	$ 13.00	=	5,005
	Totals	800	units				$ 11,465	385	units

Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

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.