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

205

units

@ $13.00

=

$

2,665

Jan.

10

Sales

165

units

@ $22.00

Jan.

20

Purchase

140

units

@ $12.00

=

1,680

Jan.

25

Sales

145

units

@ $22.00

Jan.

30

Purchase

310

units

@ $11.50

=

3,565

Totals

655

units

$

7,910

310

units

1.The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. 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. (Round weighted average cost per unit to 2 decimal places.)

2. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,900, and that the applicable income tax rate is 40%. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. (Round your average cost per unit to 2 decimal places.)