Required information
[The following information applies to the questionsdisplayed below.]
Laker Company reported the following January purchases and salesdata for its only product.
| Date | Activities | Units Acquired at Cost | Units sold at Retail |
| Jan. | 1 | Beginning inventory | 175 | units | @ | $ | 10.00 | = | $ | 1,750 | | | | | | | |
| Jan. | 10 | Sales | | | | | | | | | | 135 | units | @ | $ | 19.00 | |
| Jan. | 20 | Purchase | 130 | units | @ | $ | 9.00 | = | | 1,170 | | | | | | | |
| Jan. | 25 | Sales | | | | | | | | | | 140 | units | @ | $ | 19.00 | |
| Jan. | 30 | Purchase | 275 | units | @ | $ | 8.00 | = | | 2,200 | | | | | | | |
| | Totals | 580 | units | | | | | $ | 5,120 | | 275 | units | | | | |
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Required:
The Company uses a periodic inventory system. For specificidentification, ending inventory consists of 305 units, where 275are from the January 30 purchase, 5 are from the January 20purchase, and 25 are from beginning inventory. Determine the costassigned to ending inventory and to cost of goods sold using(a) specific identification, (b) weightedaverage, (c) FIFO, and (d) LIFO.
