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. Activities Jan. 1 Beginning inventory Jan 10 Sales Jan, 20 Purchase zon, 25 sales. Units Acquired at Cost Units sold at Retail 190 its 56.0 840 100 units $15 60 units @ $5.00 80 units $15 110 units $4.50 380 units $1.950 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, (b) weighted average. (FIFO, and () 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 weighted average. (Round cost per unit to 2 decimal places) bj Weighted Average Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of of Average Goods Cost per Available for Sale 140 840 of units sold Average Cost per Unit Cost of Goods Sold of units in ending inventory Average Cost per unit Ending Inventory Beginning inventory Purchase Jan 20 Jan 30 810 Total 380 $ 6.00 $ 1950 180.00 513 923 40 200 $ 5135 102600 Specific ld FIFO > This window shows your responses and what was marked correct and incorrect from your previo Vibrant Company had $850,000 of sales in each of three consecutive years 2017-2019, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250.000 physical inventory from the beginning to the end of that three-year period in accounting for inventory, it made an error at the end of year 2017 that caused its year end 2017 inventory to appear on its statements as $230.000 rather than the correct $250,000 Required: 1. Determine the correct amount of the company's gross profit in each of the years 2017-2019. 2. Prepare comparate income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of the years 2017-2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare comparative Income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of the years 2017-2019 VIBRANT COMPANY Comparative Income Statements 2017 2018 $ 850,000 $ 850,000 2019 S 850,000 3-year total $ 2.550,000 Sales Cost of goods sold Beginning inventory Cost of purchases Ending inventory 230.000 250 000 500.000 750,000 500.000 730,000 250,000 500,000 750,000 X Cost of goods sold Gross profit 750 000 730.000 $ 100 000 $ 120,000 750,000 $ 100,000 2.230.000 320,000 $