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 Date Activities Units Acquired at Cost Retail Jan. 1 Beginning 160 units@ $8.50 = $1,360 inventory Jan. 10 Sales 120 units@ $17.50 Jan. 2e Purchase 100 units@ $7.50 750 Jan. 25 Sales 100 units@ $17.50 Jan. 30 Purchase 220 units@ $7.00 = 1,540 Totals 480 units $3,650 220 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 260 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification. (6) weighted average. (FIFO, and ( LIFO. Specificid Weighted Average FIFO LIFO Determine the cost assigned to ending Inventory and to cost of goods sold using specific identification. For specific identification, anding inventory consists of 260 units, where 220 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. a) Specific identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost per #of units unit Available for Sale of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending Inventory per unit Inventory Beginning wwentory Purchases Jan 20 Jan 30 Total Specinck Weighted Average > Specific ld Weighted Average FIFO UFO SB Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Weighted Average Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of Goods Average of units # of units Cost per # of units Average Available for Cost of Cost per Ending sold in ending unit Cost per Sale Goods Sold Unit inventory unit Inventory Beginning inventory Purchases Jan 20 Jan. 30 Total $ 0 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Seld Cost of Goods Available for Sale Cost of Goode # of units Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases Jan 20 Jan 30 Total 0 $ 0