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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost 180 units @ $ 10.50 = Units sold at Retail $ 1,899 140 units @ $ 19.50 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 110 units @ $ 9.50 - 1,045 130 units @ $ 19.50 @ $ 9.00 = 270 units 560 units 2,430 $ 5,365 270 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. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Inventory Balance Goods Purchased Cost # of units per unit Date Weighted Average - Perpetual: Cost of Goods Sold # of units Cost of Goods sold Sold Cost per # of units Cost per unit unit Inventory Balance January 1 180 at S 10.50 = $ 1,890.00 January 10 140 at $ 10.50 = S 1,470.00 65 X at s 10.50 = $ 682.50 110 at $ 9.50 65 at s 10.50 = $ January 20 682.50 1,045.00 110 at S 9.50 = Average cost January 20 175 at S 9.00 > $ 1,727.50 January 25 130 at $ 10.50 X = $ 1,365.00 140 X at S 10.50 X = $ 1,470.00 270 at $ 8.50 140 at S = $ January 30 at 270 410 = 10.50 8.50 9.50 S S 1,470.00 2,295.00 3,765.00 Totals S 2.835.00 at $ Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost # of units Cost of Goods sold per Sold unit Goods Purchased Cost # of units per unit Date # of units Inventory Balance Cost per Inventory unit Balance 10.50 $ 1,890.00 January 1 180 at January 10 140 at $9.50 X = $1,330.00 65 X at = $ 682.50 110 at $9.50 180 X at 10.50 $ 10.50 $ 9.50 = $ 1,890.00 January 20 110 at 11 1,045.00 Total January 20 $ 2,935.00 130 at $ 10.50 II $1,365.00 $ 10.50 $ 1,155.00 January 25 110 at 110% at 130 at $9.50 1,235.00 $ 9.50 = $ 1,045.00 Total January 25 $2,600.00 69 2,200.00 270 > at $9.00 110 X at = $ 1,155.00 January 30 270 X at 380 at $ 10.50 $ 9.50 $9.00 2,565.00 3,420.00 Totals $3,930.00 $ 7,140.00 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost # of units Cost of per unit Goods Sold Goods Purchased Cost # of units per unit Date # of units sold Inventory Balance Cost per Inventory Balance unit s 10.50 1,890.00 January 1 180 at January 10 140 at $9.50 X = 180 X at 1,330.00 10.50 1,890.00 110 at $9.50 180 X at $ 1,890.00 January 20 10.50 S9.50 110 at 1.045.00 Total January 20 $ 2.935.00 130 X at $ 9.50 $ 10.50 110 X at IS 1,235.00 1,155.00 January 25 130 X at 10.50 1,365.00 110 X at $ 9.50 IS 1,045.00 Total January 25 $ 2,600.00 2,200.00 270 at $9.00 110 X at $ 1,155.00 10.50 $9.50 January 30 270 X at 380 X at 2,565.00 3,420.00 $9.00 Totals $ 3,930.00 7,140.00