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Required information The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 160 units @ $ 8.50 = $ 1,360 January 10 Sales 120 units @ $ 17.50 January 20 Purchase 100 units $ 7.50 750 January 25 Sales 120 units $17.50 January 30 Purchase 240 units $ 7.00 = 1,680 Totals 500 units $ 3,790 240 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Weighted Average Specific Id FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Ending Inventory Available for Sale Specific Identification Cost of Goods Sold Cost Per Unit sold COGS # of units Cost Per Unit Ending Inventory Units Cost Per Unit Ending Inventory. Cost Purchase Date Activity of units January 1 January 20 January 30 Beginning inventory Purchase Purchase 160 100 240 500 $ 0 $ 0 Weighted Average > LIFO Specific Id Weighted Average FIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Inventory Balance Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold # of units Cost per #of units Cost per Cost of Goods unit sold unit Sold Date # of units Cost per unit Inventory Balance $ 160 at $ 8.50 1.360.00 January 1 January 10 January 20 Average cost January 20 January 25 January 30 Totals Specific id FIFO > Porpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Goods Purchased Cost per # of units unit Date Cost per # of units unit Inventory Balance January 1 160 at $ 8.50 = S 1.360.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased # of units Cost per unit Date # of units Inventory Balance Cost per unit Inventory Balance $ 8.50 $ 1,360.00 160 at January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals