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 215 units@ $14.00 = $3,010 165 units @ $23.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 160 units@ $13.00 = 2,080 190 units @ $23.00 330 units@ $12.50 = 705 units 4,125 $9,215 Totals 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 Ending Inventory Ending Cost Per Ending Inventory- Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 215 Beginning inventory Purchase Jan. 20 160 Jan. 30 Purchase 330 705 0 $ 0 0 $ 0 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 Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 215 @ $ 14.00 = $ 3,010.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 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 of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit unit January 1 215 @ $ 14.00 = $ 3,010.00 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 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 # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance Cost per Date January 1 215 @ $ 14.00 $ 3,010.00 January 10 January 20 January 25 January 30 Totals