[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	180	units	@	$	10.50	=	$	1,890
Jan.	10		Sales										140	units	@	$	19.50
Jan.	20		Purchase	110	units	@	$	9.50	=		1,045
Jan.	25		Sales										130	units	@	$	19.50
Jan.	30		Purchase	260	units	@	$	9.00	=		2,340
			Totals	550	units					$	5,275		270	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

4.

Award: 4.00 points

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.

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

January 1

180

@

$10.50

=

$1,890.00

January 10

140

@

January 20

110

@

$9.50

@

110

@

$9.50

=

1,045.00

Average cost

110

@

$1,045.00

January 25

130

@

January 30

260

@

$9.00

260

@

$9.00

=

2,340.00

Totals

260

@