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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	175	units	@	$ 10.00	=	$ 1,750
January 10	Sales							135	units	@	$ 19.00
January 20	Purchase	130	units	@	$ 9.00	=	1,170
January 25	Sales							140	units	@	$ 19.00
January 30	Purchase	275	units	@	$ 7.00	=	1,925
	Totals	580	units				$ 4,845	275	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.