Chapter 5, Problem 3E

Laker Company reported following January purchases and sales data for its only product.

Required

The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods 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 the January 20 purchase, and 15 are from beginning inventory.