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 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 220 units $ 14.50 = Units sold at Retail $ 3,190 170 units @ $ 23.50 170 units $ 13.50 - 2,295 200 units @ $ 23.50 370 units $13.00- 760 units 4,810 $ 10,295 370 units The Company uses a periodic inventory system. For specific identification, the ending inventory consists of 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from the beginning inventory. Determine the cost assigned to ending inventory and to the cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. a) Specific Identification Beginning inventory Purchases: January 20 January 30 Total b) Weighted average - Periodic Beginning inventory Purchases: January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Cost of Goods unit Sold 0 $ Cost of Goods Available for Sale 0 of units Average Cost Cost of Goods per unit Available for Sale # of units sold 0 $ Cost of Goods Sold Average Cost per Unit Cost of Goods Sold Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO # of units in ending Inventory # of units in ending inventory Ending Inventory Cost per unit Ending Inventory 0 $ Ending Inventory Average Cost per unit Ending Inventory $ D $ 0 Cost of Goods Available for Sale Cost of Goods Sold # 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 inventory Beginning inventory Purchases: January 20 January 30 Total d) Periodic LIFO Beginning inventory Purchases: January 20 January 30 Total Ending Inventory Cost per unit Ending Inventory 0 $ 0 $ o 0 $ 0 Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold Ending Inventory Cost per Cost of Goods unit Sold # of units in ending inventory Cost per unit Ending Inventory 0 $ 0 0 S 0 0 $ 0