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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 January 30 Sales Purchase Totals Required: 70 units @ 190 units @ 405 units Units Acquired at Cost 145 units @ $ 7.00 = $ 6.00 = Units sold at Retail $ 1,015 105 units @ $ 16.00 420 85 units $ 16.00 $ 5.50 = 1,045 $ 2,480 190 units 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. 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 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 FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units unit Inventory Balance Cost per Inventory Balance January 1 145 at $ 7.00 = $ 1,015.00 January 10 105 at $ 7.00 = $ 735.00 40 at $ 7.00 = $ 280.00 70 at $ 6.00 40 at $ 7.00 = $ 280.00 January 20 70 at $ 6.00 = 420.00 Total January 20 January 25 Total January 25 January 30 $ 700.00 40 at $ 7.00 = $ at $ 6.00 = 280.00 0.00 at $ 7.00 at $ 6.00 = $ 280.00 190 at $ 5.50 190 at at $ 7.00 at $ 6.00 $ 5.50 = 1,045.00 Totals $ 1,015.00 $ 1,045.00 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 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 LIFO. Perpetual LIFO: Date Goods Purchased # of units Cost per Cost of Goods Sold # of units unit sold Cost per Cost of Goods unit Sold # of units unit Inventory Balance Cost per Inventory Balance January 1 145 at $7.00 = $ 1,015.00 January 10 105 at $ 7.00 $ 735.00 40 at $7.00 = $ 280.00 70 at at $ 6.00 40 at $ 7.00 = $ 280.00 January 20 70 at $ 6.00 = 420.00 Total January 20 $ 700.00 at $ 6.00 $ 0.00 at $ 7.00 = January 25 Total January 25 190 at $ 5.50 January 30 Totals at $ 7.00 at $ 5.50