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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. Date Activities Jan. 1. Beginning Jan. Inventory Jan. 10 Sales Jan.20 Purchase Jan.25 Sales Jan. 30 Purchase Units Acquired at Cost Units sold at Retail 140 units@ $6.00 = $ 840 100 units@ $15 60 units@ $5.00 = 300 80 units @ $15 180 units@ $4.50 = 810 Totals 380 units $1,950 180 units Laker Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Ending Inventory Ending Cost Per Ending Inventory- Unit Inventory- Units Cost Unit Cost Units Units Sold Unit Cost COGS 140 Jan. 1 Jan. 20 Jan. 30 Beginning Inventory Purchase 60 Purchase 180 380 S 01 0 S 0 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places. Amounts to be deducted should be Indicated with a minus slgn.) Weighted Average - Perpetual: Goods purchased # of Cost per Date units unit Inventory Balance # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance 140 @ $ 6.00 = S 840.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals @ 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance S 140 @ $ 6.00 = 840.00 January 1 January 10 January 20 January 25 January 30 Totals 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory Balance S 140 @ $ 6.00 - 840.00 unit January 1 January 10 January 20 January 25 January 30 Totals