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 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units sold at Retail Units Acquired at Cost 215 units $ 14.00 = $ 3,010 165 units @ $ 23.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 13.00 = 2,080 190 units @ $ 23.00 355 units @ $ 11.00 = 3,905 $ 8,995 Totals 730 units 355 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost 215 $ 14.00 200 $ 14.00 $ 2,800 15 $ 14.00 $ 210 January 1 January 20 January 30 Beginning inventory Purchase 160 $ 13.00 155 $ 13.00 2,015 5 $ 13.00 65 Purchase 355 $ 11.00 0 355 $ 11.00 3,905 4,180 730 355 $ 4,815 375 $ Specific Id Weighted Average FIFO 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.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 215 at $ 14.00 = $ 3,010.00 January 10 165 at $ 14.00] = $ 2,310.00 50 at $ 14.00] = 700.00 $ $ 160 at $ 13.00 50 at $ 14.00 = 700.00 January 20 160 at $ 13.00 = 2,080.00 Average cost January 20 210 at $ 13.24 $ 2,780.00 January 25 190) at $ 13.24) = $ 2,515.60 20 at $ 13.24) = $ 264.80 335 at $ 11.00 20 at 13.24 = $ 264.80 January 30 $ $ 335 at 11.00 = 3,685.00 3,949.80 Totals $ 4,825.60 355 at $ 11.04 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Goods Purchased Cost per # of units unit Date Cost per # of units unit Inventory Balance January 1 215 at $ 14.00 = $ 3,010.00 January 10 165 at $ 14.00 = $ 2,310.00 50 at $ 14.00 $ 700.00 1601 at $ 13.00 50 at $ 14.00 = $ 700.00 January 20 50 at $ 13.00 = 650.00 Total January 20 $ 1,350.00 50 at $ 14.00 $ 700.00 40 at $ 14.00 $ 560.00 January 25 80 at $ 13.00 = 1,040.00 40 at $ 13.00 = $ 520.00 Total January 25 $ 1,740.00 $ 1,080.00 355) at $ 11.00 40 at $ 14.00 = $ 560.00 January 30 40 at $ 13.00 = 520.00 40 at $ 11.00 = 440.00 Totals $ 4,050.00 $ 1,520.00 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per unit Inventory Balance # of units January 1 215 at $ 14.00 = $ 3,010.00 January 10 200) at $ 14.00 = $ 2,800.00 50 at $ 14.00 = $ 700.00 160 at $ 13.00 50 at $ 14.00 = $ 700.00 January 20 160 at $ 13.00 = 2,080.00 Total January 20 $ 2,780.00 155) at $ 13.00 = $ 2,015.00 20 at $ 14.00 = $ 280.00 January 25 at $ 14.00 = 420.00 30 at $ 13.00 = 390.00 Total January 25 $2,435.00 $ 670.00 15 at at $ 14.00 January 30 at $ 13.00 Totals