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 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 170 units @ $9.50 = Units sold at Retail $ 1,615 January 10 Sales 130 units @ $ 18.50 January 20 January 25 January 30 Purchase Sales 120 units @ $8.50 = Purchase Totals 260 units @ 550 units $ 8.00 = 1,020 2,080 $ 4,715 130 units @ $ 18.50 260 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 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 (c) LIFO. Complete this question by entering your answers in the tabs below. 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 of 260 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. a) Specific Identification 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 Sold # of units in ending Cost per unit Ending Inventory inventory Specific Id Weighted Average > 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 Ending Inventory Average Cost # of units per unit Cost of Goods Available for Sale # of units sold Average Cost per Cost of Goods Sold Unit # of units in 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 # of units in Cost of Goods Sold ending inventory Cost per unit Ending Inventory 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