Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 230 units @ $8.60 = $ 1,978 130 units @ $16.60 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 300 units @ $ 7.60 = 2,280 225 units @ $16.60 170 units @ $6.60 = 1,122 Totals 700 units $5,380 355 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 170 are from the January 30 purchase, 80 are from the January 20 purchase, and 95 are from beginning inventory. 1. 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 Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost Unit Cost Units Units Sold Unit Cost COGS Jan. 1 230 Beginning inventory Purchase Jan. 20 300 Jan. 30 Purchase 170 700 2. 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 Inventory Balance Cost per Cost of Goods Sold # of units Cost per Cost of Goods unit Sold sold # of units Cost per Date # of units Inventory Balance unit unit January 1 230 @ $ 8.60 = $1,978.00 January 10 January 20 Average cost January 25 January 30 Totals 3. 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 Cost per Date Cost per unit # of units # of units sold Cost of Goods Sold # of units Cost per unit unit Inventory Balance $ 1,978.00 January 1 230 @ $ 8.60 = January 10 January 20 January 25 January 30 Totals 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 units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Date Inventory Balance Inventory # of units unit Balance 230 @ $ 8.60 $ 1,978.00 January 1 January 10 January 20 January 25 January 30 Totals