! Required information Use the following information for the Exercises 3-7 below. (Static) [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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Units sold at Retail Units Acquired at Cost 140 units @ $ 6.00 = $ 840 100 units @ $ 15 January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase 60 units @ $ 5.00 = 300 80 units @ $ 15 @ $ 4.50 = 810 180 units 380 units Totals $ 1,950 180 units Exercise 5-6A (Static) Periodic: Inventory costing LO P3 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (d) LIFO. 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 consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost per Available for unit Sale Cost # of units # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory per unit Beginning inventory Purchases: January 20 January 30 Total 0 $ 0 0 $ 0 0 $ 0 Complete this question by entering your answers in the tabs below. 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.) b) Weighted average - Periodic Cost of Goods Available for Sale Cost of Goods Sold Average Cost of Goods # of units Cost per Available for unit Sale # of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory # of units Average Ending in ending Cost Inventory inventory per unit Beginning inventory Purchases: January 20 January 30 Total 0 $ 0 $ 0 $ 0 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Available for unit Cost per Cost per # of units sold Cost of Goods Sold Ending Inventory # of units Cost in ending Ending inventory Inventory unit Sale per unit Beginning inventory Purchases: January 20 January 30 Total 0 $ 0 0 $ 0 0 $ 0 Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per # of units Cost of # of units Available for unit sold unit Goods Sold Sale Cost per Ending Inventory # of units Cost in ending Ending Inventory inventory per unit Beginning inventory Purchases: January 20 January 30 Total op $ 0 $ 0 0 $ 0