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 sold at Retail Units Acquired at Cost 140 units @ $6.00 = $ 840 100 units @ $ 15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 units @ $5.00 = 300 80 units @ $ 15 810 180 units @ $4.50 = 380 units Totals $1,950 180 units The Company uses a perpetual 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. 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. 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. (Round cost per un places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Ending Inventory- Unit Inventory- Units Cost Purchase Date Activity Units Units Sold Unit Cost Unit Cost COGS Jan. 1 140 $ 6.00 125 $ 6.00 $ 750 15 $ 6.00 $ 90 Beginning inventory Purchase Jan. 20 60 $ 5.00 55 $ 5.00 275 5 $ 5.00 25 Jan. 30 Purchase 180 $ 4.50 0 180 $ 4.50 810 380 180 $ 1,025 200 $ 925 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units sold # of units Cost per Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit January 1 140 @ $ 6.00 = $ 840.00 January 10 90 @ 50 | @ $ 6.00 = $ 300.00 January 20 60 @ $ 5.00 50 @ $ 6.00 = $ 300.00 60 @ $ 5.00 = 300.00 Average cost 110 | @ $ 5.00 $ 600.00 January 25 90 @ 35 @ January 30 180 @ $ 4.50 35 @ 180 @ $ 4.50 = 810.00 Totals 215 @ $ 4.50 Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal place Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost per Cost per Date # of units Cost per # of units sold Inventory Balance # of units Inventory unit Balance Cost of Goods Sold unit unit January 1 140 @ $ 6.00 = $ 840.00 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance January 1 140 @ $ 6.00 = $840.00 January 10 January 20 January 25 January 30 Totals