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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $7.50 = $1,125 Jan. 10 Sales 110 units @ $16.50 Jan. 20 Purchase 80 units @ $6.50 = 520 Jan. 25 Sales 90 units @ $16.50 Jan. 30 Purchase 200 units @ $6.00 = 1,200 Totals 430 units $2,845 200 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost per unit # of units Cost of Goods Available for Sale # of units sold Ending Inventory # of units Cost Ending in ending Inventory inventory Cost of Goods Sold unit per unit Beginning inventory 0 $ 0.00 Purchases: Jan. 20 Jan. 30 Total 0 $ O 0 $ O 0 $ Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Average Average Cost per unit # of units Cost of Goods Available for Sale # of units sold Ending Inventory # of units Average Ending in ending Cost per Inventory inventory unit Cost of Goods Sold Cost per Unit Beginning inventory 0 Purchases: Jan. 20 Jan. 30 Total 0 $ 0 $ $ 0 $ $ 0 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Available for Sale # of units # of units sold Cost per unit Ending Inventory # of units Cost Ending in ending Inventory inventory Cost of Goods Sold unit per unit Beginning inventory 0 0.00 Purchases: Jan. 20 Jan. 30 Total O A O 0 $ 0 0 $ 0 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per unit # of units Cost of Goods Available for Sale # of units sold Cost per unit Ending Inventory # of units Cost Ending in ending inventory per unit Inventory Cost of Goods Sold Beginning inventory 0 0.00 Purchases: Jan. 20 Jan. 30 Total 0 $ O 0 $ 0 0 $ 0