o bous up or sale, they cleaned and WOULUI 3980. Determine the cost of inventory. C2 Company reported the following January purchases and sales data for its only product Date Exercise 6-3 Perpetual: Inventory costing methods Units Acquired at Cost Units Sold at Retail 140 units @ $6.00 = $ 840 100 units @ $15 Jan. 1 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning inventory ............ Sales. Purchase Sales..... Purchase Totals.. 60 units @ $5.00 = 300 80 units a $15 180 units @ $4.50 = 380 units 810 $1,950 180 units equired The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of oods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.(Round per unit costs nd inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Check Ending inventory LIFO, $930; WA $918 Exercise 6.4 Perpetual: Income effects of inventory methods Al Ilse the data in Exercise 6-3 to prepare comparative income statements for the month of January for Laker Company similar to those shown in m any similar to those shown in Exhibit 6.8 for the four inventory methods. Assume expenses are $1,250 and the applicable income tax rate is 40%. (Round amounts to cents.) 1. Which method yields the highest net income? 2. Does net income using weighted average fall above, between, or below that using FIFO and LIFO? If costs were rising instead of falling, which method would yield the highest net income? Exercise 6-5A Periodic: Inventory costing p2 Refer to the information in costs assigned to ending inve the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the igned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are y 20 purchase, and 15 are from beginning inventory. identif fro innamontements for the month of Fyercise 6.6A