Exercise $5-3($Algo$)$ Perpetual: Inventory costing methods LO P$1$

Assume the perpetual inventory system is used.

Required:

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

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

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

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

Complete this question by entering your answers in the tabs below.

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

Laker Company reported the following January purchases and sales data for its only product. For specific identification,

ending inventory consists of $260$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $25$ units

from beginning inventory.