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 Date Activities Units Acquired at Cost Units sold at Retail Jan, 1 Beginning inventory 205 units@ $13.00 = $2,665 Jan. 10 Sales 165 units @ $22.00 Jan. 20 Purchase 140 units@ $12.00 = 1,680 Jan. 25 Sales 145 units @ $22.00 Jan. 30 Purchase 310 units@ $11.50 -3,565 Totals 655 units $7,910 310 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 ore from the January 30 purchase, 5 are from the January 20 purchase, and 30 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. 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 Ending Inventory Ending Cost Ending Inventory Per Inventory Units Unit Cost COGS Jan. 1 Beginning inventory 205 13.00 Jan 20 Purchase 140 Jan 30 Purchase 310 12.00 $ 11.50 655 D $ 0 0 5 0 Required 2 > Weighted Average - Perpetual: Goods Purchased #of Cost Dato units per unit January 1 January 10 #of units sold Cost of Goods Sold Cost Cost of per Goods Sold unit Inventory Balance Cost #of units Inventory per Balance unit $ 205 @ 13.00 $2,665.00 January 20 Average cost January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost units por unit Cost of Goods Sold Cost # of units Cost of Goods per sold Sold unit # of Dato Inventory Balance Cost # of units per Inventory unit Balance 205 $ 13.00 2,665.00 January 1 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost # of por units unit Cost of Goods Sold Cost #of units Cost of per sold Goods Sold unit Dato # of units Inventory Balance Cost per Inventory unit Balanco $ 13.00 2,665.00 January 1 205 January 10 January 20 January 25 January 30 Totals