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. Activities Date Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 170 units @$7.40 $1,258 Jan. 10 Sales 100 units @$15.40 240 units @$6.40 1.536 Jan.20 Purchase Jan.25 Sales Jan.30 Purchase 165 units @$15.40 110 units @$5.40 = 594 $3,388 Totals 520 units 265 units Required: The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 110 are from the January 30 purchase, 80 are from the January 20 purchase, and 65 are from invent 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units Ending Inventory- Cost Cost Per Unit Purchase Date Unit Cost Units Sold Activity Units Unit Cost COGS Beginning inventory $ 7.40 170 0 Jan. 1 Jan. 20 Purchase 240 6.40 100 6.40 640 Purchase Jan. 30 5.40 165 891 110 5.40 520 S 265 1,531 0 0 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per Cost of Goods unit Inventory # of Cost per unit Cost per unit #of units Date units Sold units Balance sold 170@ January 1 $1,258.00 7.40 = January 10 January 20 Average cost January 25 January 30 Totals 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Inventory Balance Cost per unit Cost per unit Cost of Goods Cost per unit #of units # of units sold Date # of units Sold $ January 1 170 $ 7,40 1,258.00 January 10 January 20 January 25 January 30 Totals 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: Goods Purchased Inventory Balance Cost of Goods Sold Cost per unit Cost of Goods Sold #of units Cost per unit #of units sold Cost per unit Inventory Balance # of units Date $ 7.40 January 1 1,258.00 170 = January 10 January 20 January 25 January 30 Totals