Required information

Use the following information for the Exercises below.

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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	240	units	@	$	16.50	=	$	3,960
Jan.	10		Sales										190	units	@	$	25.50
Jan.	20		Purchase	170	units	@	$	15.50	=		2,635
Jan.	25		Sales										190	units	@	$	25.50
Jan.	30		Purchase	380	units	@	$	15.00	=		5,700
			Totals	790	units					$	12,295		380	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

rev: 03_14_2019_QC_CS-162819

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.