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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	180	units	@	$	7.60	=	$	1,368
Jan.	10	Sales										105	units	@	$	15.60
Jan.	20	Purchase	250	units	@	$	6.60	=		1,650
Jan.	25	Sales										175	units	@	$	15.60
Jan.	30	Purchase	120	units	@	$	5.60	=		672
		Totals	550	units					$	3,690		280	units

Required:

The company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 120 are from the January 30 purchase, 80 are from the January 20 purchase, and 70 are from beginning inventory. 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.

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

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