A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 70 100 Unit Cost $ 3.10 3.30 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Cost of Goods Sold Perpetual FIFO: Goods purchased # of Date units unit Cost per # of units sold Cost per Cost of Goods unit Sold Inventory Balance Cost per Inventory # of units unit Balance 320 @ $ 3.10 = $ 992.00 January 1 January 9 70 @ $ 3.30 320 @ $ 3.10 = 70 @ $ 3.30 = $ 992.00 231.00 $1,223.00 January 25 100@ $ 3.40 @ $ 3.10 = @ $ 3.30 = @ $ 3.40 = January 26 30 Totals Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 185 units @ $11.00 = $2,035 145 units @ $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units @ $10.00 = 1,000 125 units @ $20.00 270 units @ $ 9.50 = 2,565 555 units $5,60 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan 1 Jan. 20 Beginning inventory Purchase Purchase 185 100 270 555 Jan. 30 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 185 @ $ 11.00 = $ 2,035.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Cost of Goods Sold Goods Purchased # of Cost per units unit # of units Date Cost per Cost of Goods unit Sold sold Inventory Balance Cost per Inventory # of units unit Balance $ 11.00 = $ 2,035.00 January 1 185 @ January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.). Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 1851 @ S 11.00 = $ 2,035.00 January 10 January 20 January 25 January 30 Totals