please explain how to do specific ID, weighted average, FIFO, and LIFO.

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date

January 1

January 10

January 20

January 25

January 30

Activities

Beginning inventory

Sales

Purchase

Sales

Purchase

Totals

140 units

Units Acquired at Cost

@ $ 6.00 =

Units sold at Retail

$ 840

100 units

@ $ 15

60 units

@ $ 5.00 =

300

80 units

@ $ 15

180 units

380 units

@

$ 4.50 =

810

$ 1,950

180 units

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 irchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending ventory and to cost of goods sold using (a) specific identification, (b) weighted average, (C) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchate, and 15 units from beginning inventory. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Determine the cost assigned to ending inventory and to cost of goods sold using LFO