[The following information applies to the questions displayed below.] 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 300 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	200	units	@	$ 12.50	=	$ 2,500
January 10	Sales							160	units	@	$ 21.50
January 20	Purchase	130	units	@	$ 11.50	=	1,495
January 25	Sales							140	units	@	$ 21.50
January 30	Purchase	300	units	@	$ 11.00	=	3,300
	Totals	630	units				$ 7,295	300	units

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.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Weighted Average - Perpetual:
Date	Goods Purchased			Cost of Goods Sold					Inventory Balance
	# of units		Cost per unit	# of units sold		Cost per unit	Cost of Goods Sold		# of units		Cost per unit	Inventory Balance
January 1									200	at	$12.50	=	$2,500.00
January 10				160	at	$12.50	=	$2,000.00	40	at	$12.50	=	$500.00
January 20	130	at	$11.50						40	at	$12.50	=	$500.00
									130	at	$11.50	=	1,495.00
Average cost January 20									170	at	$11.74		$1,995.00
January 25				140	at
January 30	300	at	$11.00
									300	at	$11.00	=	3,300.00
Totals								$2,000.00	300	at