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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	170	units	@	$	9.50	=	$	1,615
Jan.	10		Sales										130	units	@	$	18.50
Jan.	20		Purchase	120	units	@	$	8.50	=		1,020
Jan.	25		Sales										130	units	@	$	18.50
Jan.	30		Purchase	240	units	@	$	8.00	=		1,920
			Totals	530	units					$	4,555		260	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

Exercise 5-3 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.

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	170	$9.50
Jan. 20	Purchase	120
Jan. 30	Purchase	240
		530		0		$0	0		$0