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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.

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

Specific Identification
	Available for Sale			Cost of Goods Sold			Ending Inventory
Purchase Date	Activity	Units	Unit Cost	Units Sold	Unit Cost	COGS	Ending Inventory- Units	Cost Per Unit	Ending Inventory- Cost
Jan. 1	Beginning inventory	140
Jan. 20	Purchase	60
Jan. 30	Purchase	180
		380		0		$0	0		$0

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

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

140

@

$6.00

=

$840.00

January 10

60

@

$5.00

=

$300.00

January 20

Average cost

January 25

January 30

Totals

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Perpetual FIFO:

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

140

@

$6.00

=

$840.00

January 10

January 20

January 25

January 30

Totals

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Perpetual LIFO:

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

140

@

$6.00

=

$840.00

January 10

January 20

January 25

January 30

Totals