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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 210 units @ $ 13.50 = 150 units @ $ 12.50 = 340 units @ $ 12.00 = 700 units Units sold at Retail $ 2,835 160 units @ $ 22.50 1,875 180 units $ 22.50 4,080 $ 8,790 340 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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 cons January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold unit Cost per Cost of Goods # of units in Sold ending Cost per unit Ending Inventory inventory Beginning inventory Purchases: January 20 January 30 Total 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) Weighted average - Periodic Beginning inventory Purchases: January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory 0 < Specific Id FIFO > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Beginning inventory Purchases: January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods # of units in Sold ending inventory Cost per unit Ending Inventory 0 0 < Weighted Average LIFO > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Beginning inventory Purchases: January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold ending inventory Cost per unit Ending Inventory 0 $ 0 < FIFO LIFO >