Information: 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.1 140 units @ $6.00 = $ 840 .. 100 units @ $15 60 units @ $5.00 = 300 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Beginning inventory Sales Purchase Sales Purchase Totals 80 units @ $15 180 units @ $4.50 = 380 units 810 $1.950 180 units Required The Company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost f goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit osts and inventory amounts to dollars and cents.) For specific identification, ending inventory consists of 00 units, where 180 are from the January 30 purchase, '5 are from the January 20 purchase, and 15 are from eginning inventory Information: Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning Inventory 200 units @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units @ $15 = 5.250 Mar. 15 Sales 300 units @ $40 Purchase 450 units @ $20 = Oct 5 Sales 430 units @ $40 Oct. 26 Purchase 100 units @ $25 2,500 Totals 1.100 units $18,750 880 units July 30 9,000 Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts to dollars and cents.)