! Required information Use the following information for the Exercises below. [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 Units Acquired at Cost 190 units@ $7.00 = $1,330 150 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $6.00 = 660 130 units @ $16.00 280 units@ $5.50 = 580 units 1,540 $3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per u Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit January 1 190 @ $ 7.00 = $ 1,330.00 January 10 150 @ $ 7.00= $ 1,050.00 40 @ $ 7.00 = $ 280.00 January 20 110 @ $ 6.00 $ 280.00 40 @ $ 7.00 = 110 @ $ 6.00 = 660.00 Average cost 150 @ $ 6.00 $ 940.00 January 25 130 @ $ 7.00 = $ 910.00 January 30 Totals $ 1,960.00 Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 190 $ 7.00 = $ 1,330.00 January 10 January 20 January 25 January 30 Totals Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 190 @ $ 7.00 = $ 1,330.00 January 10 January 20 January 25 January 30 Totals