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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 Acquired at Cost 160 units @ $8.50 - $1,360 Units sold at Retail 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units @ $7.50 - 750 120 units @ $17.50 220 units @ $7.00 = 480 units 1,540 $3,650 240 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 220 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 Inventory Balance Weighted Average - Perpetual: Goods Purchased Date # of units unit Cost per # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 160 @ $ 8.50 = $ 1,360.00 January 10 120 @ $ 10.00] = $ 1,200.00 401 @ $ 8.50] = $ 340.00 January 20 100@ $ 7.50 $ 340.00 40 @ $ 8.50 = 100 @ $ 7.50 = 140 @ $ 7.79 750.00 $ 1,090.00 Average cost January 25 120 @ $ 7.791 = $ 934.80 20@ $ 7.79] = $ 155.80 January 30 220@ $ 7.00 20 @ $ 7.79 = 220 @ $ 7.00 = 240 @ $ 7.07 $ 155.80 1,540.00 $ 1,695.80 Totals $ 2,134.80