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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product, Units sold at Date Activities Units Acquired at Cost 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 Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. 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. Determine the cost assigned to ending inventory and to cost of goods sold using (@) specific identification, (b) weighted average. (FIFO, and (c) LIFO. 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 CE b) Average cost Cost of Goods Available for Sale Cost of Goods Sold Average cost of Goods Average Wof units Cost of #of units Cost per Available for sold Cost per Goods Sold unit Sale Unit 140 840 Ending Inventory # of units Average Ending in ending Cost inventory per unit Inventory Beginning inventory Purchases Jan. 20 60 300 810 Jan 30 180 Total 380 s 1,950 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 of Goods # of units w of units Cost per Available for Cost of unit sold Sale unit Goods Sold 140 6.00 5 840 Cost per Ending Inventory # of units Cost in ending Ending per unit Inventory inventory Beginning inventory Purchases: Jan. 20 60 5.00 300 40 $ 5.00 200 Jan. 30 180 4.50 810 Total 380 $ 1.950 40 $ 200 0 $ cool Specific to Weighted Average FIFO Lio ht Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Print References LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods of units Cost per Available for w of units Cost per Cost of unit Sale sold unit Goods Sold 140 6.00 $ 840 Ending Inventory # of units in ending Cost Ending Inventory per unit Inventory Beginning inventory Purchases Jan. 20 60 5.00 300 Jan. 30 180 4.50 B10 Total 380 $ 1.950 0 $ 0 $