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! 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 Acquired at Cost 225 units @ $15.00 = $ 3,375 Units sold at Retail 175 units @ $24.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units @ $14.00 = 2,520 210 units @ $24.00 350 units @ $13.50 = 755 units 4,725 $19,620 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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. 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 Activity Unit Cost Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Units Units Sold Unit Cost COGS Jan 1 175 $ 15,00 $ 2,625 san 20 Beginning inventory Purchase Purchase 225 $ 15.00 180 $ 14.00 350 $ 13,50 755 Jan 30 175 $ 2,625 0 $ 0 Required 2 > 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 # of Date of units Cost per unit Cost per Cost of Goods unit Sold # of units units sold Cost per Inventory Balance unit January 1 225 @ $ 15.00 = $ 3,375.00 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 Goods Purchased Cost of Goods Sold Inventory Balance # of Date Cost per unit units # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 225 @ $15.00 = $ 3,375.00 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 Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance January 1 225 @ $ 15.00 = $ 3,375.00 January 10 January 20 January 25 January 30 Totals