Required information

Use the following information for the Exercises 3-7 below. (Algo)

Skip to question

[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 270 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	180	units	@	$ 10.50	=	$ 1,890
January 10	Sales							140	units	@	$ 19.50
January 20	Purchase	110	units	@	$ 9.50	=	1,045
January 25	Sales							130	units	@	$ 19.50
January 30	Purchase	270	units	@	$ 9.00	=	2,430
	Totals	560	units				$ 5,365	270	units

Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

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.