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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Laker uses a periodic inventory system. 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. 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.