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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.

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

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

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.

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