Required information [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales dato for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the Jonuary 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at cost Units sold at Retail January 1 Beginning inventory 215 units @ $ 14.00 $ 3,010 January 10 Sales 165 units $ 23.00 January 20 Purchase 160 units @ $ 13.00 2,080 January 25 Sales 190 units $ 23.00 January 30 Purchase 355 units@ $ 11.00 3,905 Totals 730 units $ 8,995 355 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. Required information Specific Id Weighted Average FIFO LIFO Date Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units Cost per Cost of Goods # of units sold unit unit Cost per unit Sold Inventory Balance January 1 215 at $ 14.00 - 3.010.00 January 10 165 ats 14.00 = $ 2,310.00 $ 14.00 160 at $ 13.00 $ 14.00 = January 20 160 at $ 13.00 = 2,080.00 Average cost January 20 160 at $ 2,080.00 January 25 190 al at 355 at $ 11.00 January 30 355 at $ 11.00 = 3,905.00 Totals $ 2,310.00 355 at Required information Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual EIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory Balance unit # of units January 1 215 at $14.00 = $ 3,010.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Weighted Average LIFO > Specific id Firo Average Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date # of units Inventory Balance Cost per unit Inventory Balance $14.00 = $ 3,010.00 January 1 215 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals