[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 310 units @ $10.20 $ 3,162 170 units @ $18.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan.20 Purchase Jan. 25 Sales Jan. 30 Purchase 380 units @ $ 9.20 = 3,496 305 units @ $18.20 250 units @ $ 8.20 = 2,050 Totals 940 units $ 8,708 475 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 465 units, where 250 are from the January 30 purchase, 80 are from the January 20 purchase, and 135 are from beginning inventory. 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Ending Ending Cost Per Inventory- Inventory- Unit Units Cost 135 $ 10.20 $ 1,377 80 $ 9.20 $ 736 Jan. 1 Beginning inventory 310 $ 10.20 175 $ 10.20 $ 1,785 Jan. 20 Purchase 380 $ 9.20 300 $ 9.20 $ 2,760 Jan. 30 Purchase 250 $ 8.20 5 0 $ 8.20 $ 0 250 $ 8.20 2,050 4,163 940 475 $ 4,545 465 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.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit January 1 310 @ $ 10.20 = $3,162.00 January 10 170 @ 1401 @ $ 10.20 = $1,428.00 January 20 380 @ 9.20 140 @ $ 10.20 = 380 @ $ 9.20 = $1,428.00 3,496.00 $4,924.00 Average cost 520 January 25 305 @ January 30 250 @ $ 8.20 0 250 @ $ 8.20 = 2,050.00 Totals 250@ 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per Inventory unit Balance $ $ 10.20 = 3,162.00 January 1 310 @ January 10 170 @ 140 @ January 20 380 @ $ 9.20 140 380 @ $ 9.20 = 3,496.00 $ 3,496.00 January 25 140 165 @ $ 9.20 1,518.00 215 @ $ 9.20 = $ 1,978.00 $ 1,978.00 $1,518.00 January 30 250 @ $ 8.20 $ 9.20 = 1,978.00 215 @ 250 @ $ 8.20 = 2,050.00 Totals $1,518.00 4,028.00 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance # of units Cost per Date unit January 1 310 @ $ 10.20 = $ 3,162.00 January 10 January 20 January 25 January 30 Totals