Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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.

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 170 units @ $9.50 = $1,615 120 units @ $8.50 = 1,020 130 units @ $18.50 130 units @ $18.50 260 units @ $8.00 = 550 units 2,080 $4,715 260 units