Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 200 units @ $12.50 = $2,500 Units sold at Retail 160 units @ $21.50 Jan. 28 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 300 units @ $11.00 = 630 units 130 units @ $11.50 = 1,495 3,300 $7,295 140 units @ $21.50 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost Jan. 1. Beginning inventory 200 $12.50 160 $ 12.50 $ 2,000 40 $ 12.50 $ 500 Jan. 20 Purchase 130 $11.50 Jan. 30 Purchase 300 $ 11.00 630 160 $ 2,000 40 $ 500 Required 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 Cost of Goods Sold # of Date # of units Cost per unit units Cost per unit Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance sold January 1 200 @ $ 12.50 = $ 2,500.00 January 10 January 20 Average cost January 25 January 30 Totals < Required 1 Required 3 > Perpetual FIFO: Goods Purchased Date January 1 January 10 January 20 January 25 January 30 Totals # of units Cost of Goods Sold Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 200 @ $ 12.50 $ 2,500.00 < Required 2 Required 4 > 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 pl Perpetual LIFO: Date January 1 January 10 January 20 January 25 January 30 Totals Goods Purchased Cost of Goods Sold # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 200 @ $ 12.50 = $ 2,500.00 < Required 3 Required 4 >