$\backslash$begin$\{$tabular$\}\{|$c$||$c$||$c$||$c$|\}$

$\backslash$begin$\{$tabular$\}\{$c$\}$

Specific $\backslash \backslash$

Identification

$\backslash$end$\{$tabular$\}$ & $\backslash$begin$\{$tabular$\}\{$c$\}$

Weighted $\backslash \backslash$

Average

$\backslash$end$\{$tabular$\}$ & FIFO & LIFO $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

Note: Round cost per unit to $2$ decimal places.

Required information

$[$The following information applies to the questions displayed below.$]$

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of $290$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $20$ units from beginning inventory.

Assume the perpetual inventory system is used.

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.