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	175	units	@	$	10.00	=	$	1,750
Jan.	10		Sales										135	units	@	$	19.00
Jan.	20		Purchase	130	units	@	$	9.00	=		1,170
Jan.	25		Sales										140	units	@	$	19.00
Jan.	30		Purchase	250	units	@	$	8.50	=		2,125
			Totals	555	units					$	5,045		275	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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.

Weighted Average - Perpetual:

Goods Purchased

Cost of Goods Sold

Inventory Balance

Date

# of units

Cost per unit

# of units sold

Cost per unit

Cost of Goods Sold

# of units

Cost per unit

Inventory Balance

January 1

175

@

$10.00

=

$1,750.00

January 10

135

@

$10.00

=

$1,350.00

January 20

130

@

$9.00

@

130

@

$9.00

=

1,170.00

Average cost

130

@

$1,170.00

January 25

January 30

Totals

$1,350.00