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 Acquired at Cost 155 units @ $8.00 = $1, 240 hits sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Tot als 90 units @ $7.00 = 630 115 units @ 95 units @ $17.00 $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 to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (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 specific identification. For specific identification, ending inventory con 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. a) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost Cost of # of Goods per units Available unit for Sale 155 $8.00 $ 1,240 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per Ending Inventory unit Beginning inventory 155 $ 8.00 $ 1,240 1,240 X 8.00 $ 9,920 Purchases: Jan. 20 7.00 4,410 90 210 455 $7.00 $6.50 Jan. 30 Total 630 1,365 3,235 7% $ 7.00 7% $ 6.50 169 49 46 630 1,365 3,235 8,873 23,203 $ $ 1,335 $ Specific ld Weighted Average >