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	200	units	@	$	12.50	=	$	2,500
Jan.	10		Sales										160	units	@	$	21.50
Jan.	20		Purchase	130	units	@	$	11.50	=		1,495
Jan.	25		Sales										140	units	@	$	21.50
Jan.	30		Purchase	300	units	@	$	11.00	=		3,300
			Totals	630	units					$	7,295		300	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 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.