Chapter 6, Problem 3E

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.