Units sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 140 units $6.00-840 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Salea Jan. 30 Purehase 100 unitse $15 60 units $5.00- 300 80 unitse $15 180 units @ S4 .50.810 Totals 1.950 180 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, ( weighted average, (c) FIFO, and ( LIFO. Complete this questions by entering your answers in the below tabs. Specific td Weighted FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. 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 ) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per Available for sold #or units! Cost in ending per unit of unitsunit of units Cost per Cost of of Ending unit Goods Sold per unit Inventory Beginning inventory Purchases Jan. 20 Jan. 30 Total Weighted Average> Laker Company reported the following January purchases and sales data for its only product. Units sold at Date Jan. 1 Beginning inventory 140 units@ $6.00.# 840 Jan. 10 Sales an. 20 Purchase Jan. 25 Sales Aetivitiea Units Aequired at Cost 100 units $15 60 units$5.00300 80 units $15 180 units @ S4.50...-810 Totals Exercise 5-6 Periodic: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) Income Statements For Month Ended January 31 Specific Weighted Sales Cost of goods sold Gross profi Expenses Income before taxes Income tax Net income