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 sold at Retail Units Acquired at Cost 195 units@ $12.00 - $2,340 155 units @ $21.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 120 units@ $11.00 - 1,320 135 units @ $21.00 290 units@ $10.50 - 605 units 3,045 $ 6,705 290 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold # of units Date Cost per unit # of units sold Inventory Balance # of units Cost per Inventory unit Balance Cost per Cost of Goods unit Sold January 1 January 10 155 @ $ 12.00 = $ 1,860.00 $ 12.00 = $ 12.00 = $ 12.00 = $ 11.00 = January 20 120 @ $ 11.00 195 @ 40 @ 40 @ 120 @ 160 @ 25 @ 25 @ 290 @ 315 @ $ 2,340.00 $ 480.00 $ 480.00 1,320.00 $ 1,800.00 Average cost January 25 135 @ January 30 290 @ $ 10.50 $ 10.50 = 3,045.00 Totals $ 1,860.00 Required 1 Required 2 Required 3 Required 4 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 # 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 195 @ $ 12.00 = $ 2,340.00 January 1 January 10 155 @ $12.00 = $ 1,860.00 January 20 120 @ $ 11.00 40 40 120 @ @ @ $ 12.00 = $ 12.00 = $ 11.00 = $ 480.00 $ 480.00 1,320.00 $ 1,800.00 January 25 L $ @ @ $ 12.00 $ 11.00 = = 0.00 0.00 @ @ $ 12.00 = $ 11.00 January 30 290 @ $ 10.50 @ @ @ $ 12.00 $ 11.00 $ 10.50 Totals Required 1 Required 2 Required 3 Required 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 # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 195 @ $ 12.00 = $ 2,340.00 January 1 January 10 January 20 January 25 January 30 Totals