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. Units Acquired at Cost Units sold at Retail 185 units @ $11.00 = $2,035 Date Activities Beginning Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 145 units @ $20.00 100 units @ $10.00 = 1,000 125 units @ $20.00 270 units @ $ 9.50 = 2,565 $ 5,600 Totals 555 units 270 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. 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. 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 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit per unit Beginning inventory 185 $ 11.00 $ 2,035 175 $ 11.00 $ 1,925 10 $ 11.00 $ 110 Purchases: Jan. 20 100 $ 10.00 1,000 95 $ 10.00 950 5 $10.00 50 Jan. 30 270 $ 9.50 0 270 $ 9.50 2,565 2,565 5,600 Total 555 270 $ 2,875 285 $ 2,725 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 weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Average # of units Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory # of units Average in ending Cost per Ending Inventory inventory unit 185 $ 2,035 Beginning inventory Purchases: Jan. 20 100 1,000 Jan. 30 270 2,565 Total o 555 $ 5,600 $ $