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

Required information

[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 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 275 units @ $ 8.00 = 2,200
Totals 580 units $ 5,120 275 units

Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 305 units, where 275 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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