[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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 170 units @ $9.50 = $1,615 120 units @ $8.50 = 1,020 130 units @ $18.50 130 units @ $18.50 260 units @ $8.00 = 550 units 2,080 $4,715 260 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are 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 () 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 o 290 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Identification Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale 170 $ 9.50 $ # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost in ending Ending inventory Inventory 25 $ 9.50 $ 238 per unit 1,615 1450 $ 9.50 $ 1,378 Beginning inventory Purchases Jan. 20 120 $ 8.50 1,020 115 $ 8.50 978 5 $ 8.50 43 2.080 0 2.080 Jan. 30 Total 260 $ 8.00 550 260 $ 8.00 290 $ 4.715 260 $ 2,356 $ 2,361 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) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Average Cost of Goods Average # of units Cost per # of units Available for Cost of Cost per sold Sale unit Goods Sold Unit 170 $ 1,615 Ending Inventory # of units Average in ending Cost per Ending inventory unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total 120 260 550 $ 1,020 2,080 8.00 $ 4,715 260 $ 0 290 0 Specific id Weighted Average FIFO LIFO Cost per Available for Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units # of units Cost per Cost of unit Sale sold unit Goods Sold Beginning inventory 170 9.50 $ 1,615 160 $ 9.50 $ 1,520 Purchases: Jan. 20 120 8.50 1,020 130$ 8.50 1,105 Jan. 30 260 8.00 2,080 Total 550 $ 4,715 290 $ 2,625 Ending Inventory # of units Cost Ending in ending inventory per unit Inventory 10 $ 9.50 $ 95 250 $ 8.50 2,125 260 $ 2,220