Chapter 5, Problem 3E

Exercise 5-3 Perpetual: Inventory costing methods P1

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………………	140 units @ $6.00=$ 840
Jan 10	Sales ……………………………..		100 units @ $ 15
Jan 20	Purchase ………………………..	60 units @ $ 5.00 = 300
Jan 25	Sales …………………………….		80 units @ $ 15
Jan 30	Purchase ………………………..	180 units @ $4.50 = 810	_______
	Totals …………………………..	380 units $1,950	180 units

Required

The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.