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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 355 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	215	units	@	$ 14.00	=	$ 3,010
January 10	Sales							165	units	@	$ 23.00
January 20	Purchase	160	units	@	$ 13.00	=	2,080
January 25	Sales							190	units	@	$ 23.00
January 30	Purchase	355	units	@	$ 11.00	=	3,905
	Totals	730	units				$ 8,995	355	units

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 Cost per # of units Cost per Cost of Goods # of units unit sold unit Sold Inventory Balance Date # of units Cost per unit Inventory Balance January 1 215 at $ 14.00 = $ 3,010.00 January 10 165 at 14.00] = $ 2,310.00 50 at $ 14.00] = $ 700.00 160 at $ 13.00 50 at $ January 20 160 at 210 at $ $ $ 14.00 = 13.00 = 13.24 700.00 2,080.00 2,780.00 $ Average cost January 20 January 25 190) at $ 13.24) = $ 2,515.60 20 at $ 13.24 = $ 264.80 January 30 Totals $ 4,825.60