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 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $1,950 180 units Required: (a) Assume Laker Company uses a perpetual inventory system. (i)Determine the ending inventory and cost of goods sold using the following inventory costing method: Weighted average., FIFO, LIFO. (ii) Assume, Laker Company applies FIFO as its inventory costing method, prepare the necessary journal entry for the following dates; 10th, 20th, 25th and 30th January for Laker Company. 10th and 20th January are credit business transactions while 25th and 30th January are cash business transactions (b) Assume Laker Company uses a periodic inventory system (i)Determine the ending inventory and cost of goods sold using the following inventory costing method: Weighted average, FIFO, LIFO. (ii) Assume, Laker Company applies LIFO as its inventory costing method, prepare the necessary journal entry for the following dates; 10th, 20th, 25th and 30th January for Laker Company. 10th and 20th January are credit business transactions while 25th and 30th January are cash business transactions