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 2 Units Acquired at Cost 240 units@ $16.50 - $ 3,960 Units sold at Retail 190 units @ $25.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units@ $15.50 - 2,635 190 units @ $25.50 380 units $15.00 = 790 units 5,709 $12,295 380 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 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 Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS 3,548 Jan 1 Jan. 20 Jan 30 Beginning inventory Purchase Purchase 240 $ 16.50 170 $ 15.50 380 S 15.00 790 215 $ 16.50 S 165 $15.50 $ 0 Ending Inventory Ending Cost Per Ending Inventory Inventory Unit Units Cost 25 $16.50 $ 413 5 $15.50 $ 78 380 $ 1500 $ 5,700 410 $ 6,191 2,558 380 $ 6,106 RET Required 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 Date # of units Cost per # of units sold unit Cost per Cost of Goods unit Sold Cost per # of units Inventory Balance unit January 1 2401 $16.50 = $3.960 00 January 10 190 $ 16.50 January 20 Average cost January 25 195 @ January 30 Totals Perpetual FIFO Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold Cost per Inventory Balance # of units Inventory unit Balance $ 240 $16.50 = 3,960.00 January 1 January 10 January 20 January 25 January 30 Totals Perpetual LIFO Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Inventory unit Balance Cost per January 1 240 @ $16.50 = 3,960.00 January 10 January 20 January 25 January 30 Totals