Laker Company uses the periodic inventory system. The table below summarizes details regarding the inventory at January 1, 2015; purchases invoices during the year; and the inventory count at December 31, 2015.

Instructions
1. Determine the cost of the inventory on December 31, 2015, using the first-in, first-out method. Present data in columnar form, using the following headings:
Model Quantity Unit Cost Total Cost
If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.
2. Determine the cost of the inventory on December 31, 2015, using the average cost method and using the columnar headings indicated in (1).

Purchases Invoices Inventory January1 6 at 80 2 at 109 5 at 160 Inventory Count, December 31 Model 2nd 8 at 89 3 at 128 4 at 175 1st 3rd F69 HBOW J600T ZZHO 5 at 82 2 at 110 A at 170 7 at 75 8 at 90 3 at 130 7 at 180 7 at 101 7 at 100