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Item 1

Item 1 Part 1 of 2 1.66 points

Required information

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	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.

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 a 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.