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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Activities Beginning inventory Date January 1 January 10 January 20 Sales January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 220 units @ $ 14.50 = 170 units @ $13.50 = Units sold at Retail $ 3,190 170 units @ $ 23.50 2,295 200 units @ $ 23.50 370 units 760 units $ 13.00 = 4,810 $ 10,295 370 units 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 Identification Weighted Average FIFO LIFO 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 Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 January 20 Beginning inventory Purchase 220 170 January 30 Purchase 370 760 < Specific Identification Weighted Average > 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 370 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 220 units @ $ 14.50 = 170 units @ $ 13.50 = Units sold at Retail $ 3,190 170 units $ 23.50 2,295 200 units $ 23.50 370 units 760 units $ 13.00 = 4,810 $ 10,295 370 units 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 Identification Weighted FIFO Average LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. January 1 January 10 Goods Purchased Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit # of units Cost per unit Sold Inventory Balance 220 at $ 14.50 = $ 3,190.00 January 20 Average cost January 20 January 25 January 30 Totals < Specific Identification FIFO > purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 170 units @ $13.50 = Units Acquired at Cost 220 units @ $ 14.50 = Units sold at Retail $ 3,190 170 units @ $ 23.50 2,295 200 units $ 23.50 $13.00 = 4,810 $ 10,295 370 units 370 units 760 units 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 Identification 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 Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit # of units Sold Cost per unit Inventory Balance January 1 220 at $14.50 = $ 3,190.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < Weighted Average LIFO > nase On the January purchase, arid 15 ginning inventory. Date Activities January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Units Acquired at Cost 220 units @ $ 14.50 = 170 units Units sold at Retail $ 3,190 170 units @ $ 23.50 $13.50 = 2,295 200 units $ 23.50 Totals 370 units @ $ 13.00 = 760 units 4,810 $ 10,295 370 units 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 Identification Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit # of units Inventory Balance Cost per Sold unit Inventory Balance January 1 220 at $14.50 = $ 3,190.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < FIFO LIFO >