Walberg Associates, antique dealers, purchased goods for $39,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $2,200. Walberg Associates insured the shipment at a cost of $350. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $690. Determine the cost of inventory.

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	155	units	@	$	8.00	=	$	1,240
Jan.	10		Sales										115	units	@	$	17.00
Jan.	20		Purchase	90	units	@	$	7.00	=		630
Jan.	25		Sales										95	units	@	$	17.00
Jan.	30		Purchase	210	units	@	$	6.50	=		1,365
			Totals	455	units					$	3,235		210	units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 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.

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.)

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)

Cost of inventory Total cost of inventory Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory 155 Jan. 20 Purchase 90 Jan. 30 Purchase 210 455 Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit January 1 155 @ $ 8.00 = $ 1,240.00 January 10 January 20 Average cost January 25 January 30 Totals Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold # of units Inventory Balance unit unit January 1 155 @ $ 8.00 = $ 1,240.00 January 10 January 20 January 25 January 30 Totals Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Inventory unit Balance Cost per Date January 1 155 @ $ 8.00 = $ 1,240.00 January 10 January 20 January 25 January 30 Totals