Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date	Activities	Units Acquired at Cost			Units Sold at Retail
March 1	Beginning inventory	120	units	@ $51.40 per unit
March 5	Purchase	235	units	@ $56.40 per unit
March 9	Sales				280	units	@ $86.40 per unit
March 18	Purchase	95	units	@ $61.40 per unit
March 25	Purchase	170	units	@ $63.40 per unit
March 29	Sales				150	units	@ $96.40 per unit
	Totals	620	units		430	units

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase.

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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 380 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	240	units	@	$ 16.50	=	$ 3,960
January 10	Sales							190	units	@	$ 25.50
January 20	Purchase	170	units	@	$ 15.50	=	2,635
January 25	Sales							190	units	@	$ 25.50
January 30	Purchase	380	units	@	$ 15.00	=	5,700
	Totals	790	units				$ 12,295	380	units

Record journal entries for Laker Companys sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.