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	145	units	@	$	7.00	=	$	1,015
Jan.	10		Sales										105	units	@	$	16.00
Jan.	20		Purchase	70	units	@	$	6.00	=		420
Jan.	25		Sales										85	units	@	$	16.00
Jan.	30		Purchase	190	units	@	$	5.50	=		1,045
			Totals	405	units					$	2,480		190	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

rev: 03_14_2019_QC_CS-162819

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.