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

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Laker Company reported the following January purchases and sales data for its only product. 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

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

Assume the perpetual inventory system is used.

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.