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Required information Skip to question [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for

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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.

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.

Round Cost Per Unit to 2 Decimal Places

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