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[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	210	units	@	$ 13.50	=	$ 2,835
January 10	Sales							160	units	@	$ 22.50
January 20	Purchase	150	units	@	$ 12.50	=	1,875
January 25	Sales							180	units	@	$ 22.50
January 30	Purchase	340	units	@	$ 12.00	=	4,080
	Totals	700	units				$ 8,790	340	units

rev: 10_06_2020_QC_CS-232448

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.

Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Inventory_Balance Goods Purchased Cost # of units per unit Date Weighted Average - Perpetual: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold # of units Cost per unit Inventory Balance January 1 210 at 13.50 $ 2,835.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Inventory_Balance Goods Purchased Cost # of units per unit Date Weighted Average - Perpetual: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold # of units Cost per unit Inventory Balance January 1 210 at 13.50 $ 2,835.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals FIFO Specific Id Weighted Average LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Cost # of units per unit Date Perpetual FIFO: Cost of Goods Sold # of units Cost Cost of Goods per sold unit # of units Sold Inventory Balance Cost Inventory per unit Balance $ S 13.50 2,835.00 January 1 210 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost Cost # of units # of units per Cost of per sold unit # of units unit Goods Sold January 1 210 Inventory Balance Cost per Inventory Balance unit $ = 13.50 S 2,835.00 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals FIFO LIFO