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 155 Units acquired at Cost units @ $8.00 = $1,240 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 = 630 95 units @ $17.00 $6.50 = 210 units @ 455 units 1,365 $3,235 210 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Determine the cost assigned t ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (d) LIFO. Complete this questions by entering your answers in the below tabs. 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 pl b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of Goods # of units ite Average Cost of | # of units Average Ending # of units Cost per Available for Cost per in ending Cost per sold "Goods Sold Unit unit Sale inventory Inventory unit 155 S 1,240 Beginning inventory Purchases: Jan. 20 Jan. 30 Total 90 210 455 630 1,365 3,235 $ 7.11 S 210 $ 7.11 $ 1,493 245 $ 7.11 $ 1,742 Specific ld FIFO > Specific Id Weighted Average FIFO LIFO Ending Inventory # of units in ending inventory Cost per unit Ending Inventory sold Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Cost of Goods Sold Sale Cost of Cost # of Cost # of Cost of Goods per units units Available per Goods unit unit for Sale Sold Beginning inventory 8.00 $ 1,240 Purchases: Jan. 20 90 7.00 630 0 Jan. 30 | 210 6.50 1,365 210 $ 6.50 1,365 Total 455 $ 3,235 210 $ 1,365 155 8.00 S 1,240 90 zon 630 0 245 $ 1,870 LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average S 3,570 $ 3,570 1,595 1,493 1,975 2.077 1,400 1,400 677 $ $ Sales Cost of goods sold Gross profit Expenses Income before taxes Income tax expense Net income FIFO 3,570 1,625 1,945 1,400 545 LIFO 3,570 1,365 2,205 1,400 575 805 230 345 222 455 218 327 232 573 S $ $