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. 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 January 1 Activities January 10 January 201 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 145 units Units Acquired at Cost $7.00 $1,015 Units sold at Retail 105 unite $16.00 Totals 70 units 56.00- 190 unita e $ 5.50- 405 units 420 85 units $16.00 1,045 5. 2,400 190 units Assume the perpetual inventory system is used. 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 Ending Inventory Cost Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity # of units Cost Per Unit of units sold Cost of Cost Per Unit Goods Sold Ending Inventory- Units Cost Per Unit January 11 January 201 January 30 Beginning inventory Purchase 145 70 Purchase 190 405 0 $ 0 Specific Identification Weighted Average > 3 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 weighted average. Note: Round cost per unit to 2 decimal places. January 11 January 10 Date Goods Purchased # of units Weighted Average Perpetual: Cost of Goods Sold Inventory Balance Cost per #of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance: 145 at $ 7.00 1,015.00 January 20 Average cost January 2011 January 25 January 301 Totals 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. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold of units Inventory Balance Cost per unit Inventory Balance January 1 145 at $7.00 $ 1,015.00 January 10 January 201 Total January 20 January 25 Total January 25 January 30 Totals + 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 #of units unit sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance Inventory Balance January 1 145 at $7.00 $ 1,015.00 January 10 January 201 Total January 20 January 25 Total January 25 January 30 Totals FIFO LIFO