Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Activities Beginning inventory Date January 1 January 10 January 20 January 25 Sales January 30 Purchase Sales Purchase Totals Units Acquired at Cost 190 units @$ 7.00 = Units sold at Retail $ 1,330 150 units @ $ 16.00 110 units @ $ 6.00 = 660 130 units @ $ 16.00 280 units @ 580 units $ 5.50 = 1,540 $ 3,530 280 units Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Invent 190 at $ 7.00= $ January 1 January 10 January 201 Average cost January 20 January 25 January 30 Totals 150 at $ 16.00 = $ 2,400.00 $ 2,400.00 Specific Identification Available for Sale Cost of Goods Sold Ending In Purchase Date Activity # of units Unit Cost Per # of units sold Ending Cost Per Unit COGS Inventory- Units Cost Per January 1 Beginning inventory 190 January 20 Purchase 110 January 30 Purchase SSS 7.00 6.00 280 $ 5.50 580 0 $ Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of unite+ sold Cost per Cost of Goods unit Sold # of units January 1 unit 190 at $7.00 = $ 1,330.00 Cost per Inventory Balance January 10 January 20 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 190 at $7.00 = $ 1,330.00 January 10 January 20