Use the following information for the Exercises below.

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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 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

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.

Units sold at Retail Units Acquired at Cost 165 units @ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.00 = 880 125 units @ $18.00 230 units @ $7.50 = 505 units 1,725 $4,090 250 units Granit Weighted Average - Perpetual: Goods Purchased Inventory Balance Cost per Cost of Goods Sold # of Cost per Cost of Goods units unit Sold sold Cost per # of units Date Inventory Balance unit # of units unit January 1 165 @ $ 9.00 = $1,485.00 January 10 1101 @ $ 8.00] = $ 880.00 1101 @ $ 8.00] = $ 880.00 January 20 1101 @ $ 8.00 110 @ $ 880.00 $ 8.00 = $ 8.00 = 110 @ 880.00 Average cost 220 @ $ 1,760.00 January 25 230) @ January 30 Totals $ 880.00 Inventory Balance Goods Purchased Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per # of units Date # of units Cost per unit unit Inventory Balance $ 1,485.00 165 @ $ 9.00 = January 1 January 10 January 20 January 25 January 30