Use the following information for the Exercises below.

[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	165	units	@	$	9.00	=	$	1,485
Jan.	10		Sales										125	units	@	$	18.00
Jan.	20		Purchase	110	units	@	$	8.00	=		880
Jan.	25		Sales										125	units	@	$	18.00
Jan.	30		Purchase	230	units	@	$	7.50	=		1,725
			Totals	505	units					$	4,090		250	units

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.

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.

Specific Identification Available for Sale Ending Inventory Ending Cost Per Inventory Cost of Goods Sold Activity UnitsU Cost Sold Unit Units Cost Unit Cost COGS Inventory-Unit Purchase Date Sold Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 165 110 230 505