[The following information applies to the questions displayed below.] 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	155	units	@	$	8.00	=	$	1,240
Jan.	10		Sales										115	units	@	$	17.00
Jan.	20		Purchase	90	units	@	$	7.00	=		630
Jan.	25		Sales										95	units	@	$	17.00
Jan.	30		Purchase	210	units	@	$	6.50	=		1,365
			Totals	455	units					$	3,235		210	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory Purchase Jan. 20 Jan. 30 155 90 210 455 Purchase 0 $ 0 0 $ 0 Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 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: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 @ $ 8.00 $ 1,240.00 January 1 January 10 115 @ $ 17.00 $ 1,955.00 January 20 Average cost January 25 January 30 Totals $ 1,955.00