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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 165 units@ $9.00 = $1,485 110 units@ $8.00 = 880 125 units @ $18.00 125 units @ $18.00 230 units@ $7.50 = 505 units 1,725 $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Ending Ending Inventory- Cost Per Unit Inventory- Units Cost 20 $ 9.00 $ 180 Jan. 1 1,305 Beginning inventory Purchase Jan. 20 840 5 $ 8.00 $ 40 165 $ 9.00 110 $ 8.00 230 / $ 7.50 505 145 $ 9.00 $ 105 $ 8.00 $ 0 250 $ Jan. 30 Purchase 230 $ 7.50 1.725 $ $ 2.145 255 1,945 Required 1 Required 2 Required 3 Required 4 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 # of Cost per Cost per Cost of Goods Cost per Inventory Date units units unit unit # of units Sold unit Balance sold January 1 165 @ $ 9.00 = $ 1,485.00 January 10 125 @ $ 18.00 = $ 2,250.00 401 @ $ 12.87] = $ 514.80 January 20 1101 @ $ 8.00 40 @ $ 12.87 = $ 514.80 110 @ $ 8.00 = 880.00 Average cost 150 @ $ 9.30 $ 1,394.80 January 25 125| @ $ 18.00] = $ 2,250.00 January 30 2301@ $ 7.50 230 @ $ 7.50 = 1,725.00 Totals $ 4,500.00 230 @ Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Date Sold Inventory Balance Cost per # of units Inventory unit Balance 165 @ $ 9.00 = $ 1,485.00 January 1 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 165 @ $ 9.00 = $ 1,485.00 January 1 January 10 January 20 January 25 January 30 Totals