Use the following information for the Exercises 3-7 below. (Algo)

[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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date	Activities	Units Acquired at Cost						Units sold at Retail
January 1	Beginning inventory	190	units	@	$ 7.00	=	$ 1,330
January 10	Sales							150	units	@	$ 16.00
January 20	Purchase	110	units	@	$ 6.00	=	660
January 25	Sales							130	units	@	$ 16.00
January 30	Purchase	280	units	@	$ 5.50	=	1,540
	Totals	580	units				$ 3,530	280	units

Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

Complete this question by entering your answers in the tabs below.

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

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.

Specific Identification
Purchase Date	Available for Sale			Cost of Goods Sold			Ending Inventory
	Activity	# of units	Cost Per Unit	# of units sold	Cost Per Unit	COGS	Ending Inventory- Units	Cost Per Unit	Ending Inventory- Cost
January 1	Beginning inventory	190
January 20	Purchase	110
January 30	Purchase	280
		580