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	140	units	@	$	6.00	=	$	840
Jan.	10	Sales										100	units	@	$	15
Jan.	20	Purchase	60	units	@	$	5.00	=		300
Jan.	25	Sales										80	units	@	$	15
Jan.	30	Purchase	180	units	@	$	4.50	=		810
		Totals	380	units					$	1,950		180	units

Required:

(a) Assume Laker Company uses a perpetual inventory system.

(i)Determine the ending inventory and cost of goods sold using the following inventory costing method:

Weighted average., FIFO, LIFO.

(ii) Assume, Laker Company applies FIFO as its inventory costing method, prepare the necessary journal entry for the following dates; 10^th , 20^th, 25^th and 30^th January for Laker Company. 10^th and 20^th January are credit business transactions while 25^th and 30^th January are cash business transactions

(b) Assume Laker Company uses a periodic inventory system

(i)Determine the ending inventory and cost of goods sold using the following inventory costing method:

Weighted average, FIFO, LIFO.

(ii) Assume, Laker Company applies LIFO as its inventory costing method, prepare the necessary journal entry for the following dates; 10^th , 20^th, 25^th and 30^th January for Laker Company. 10^th and 20^th January are credit business transactions while 25^th and 30^th January are cash business transactions