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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.

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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. Units sold at Retail Units Acquired at Cost 235 units@ $16.00 = $ 3, 760 185 units @ $25.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Salon Jan. 30 Purchase Totals 180 units $15.00 - 2,700 200 units @ $25.00 370 units@ $14.50 785 units 5, 365 $11, 825 385 unit The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory 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

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