Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]

Laker Company reported the following January purchases and sales data for its only product.

DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1Beginning i..s@$12.00=$2,340Jan.10Sales155units@$..s@$11.00=1,320Jan.25Sales135units@$..s@$10.50=3,045Totals605units$6,705290units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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.