Show your work and explain your answer. This is a multi-part question and all parts must be answered.

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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units sold at Retail Units Acquired at Cost 235 units @ $ 16.00 = $ 3,760 185 units @ $ 25.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase 180 units @ $ 15.00 = 2,700 200 units @ $ 25.00 385 units @ $ 13.00 = 5,005 $ 11,465 Totals 800 units 385 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. Specific Id Weighted Average FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost 235 $ 16.00 16.00 25 $ $ 16.00 $ 400 January 1 January 20 January 30 Beginning inventory Purchase $ 60,160 40,500 180 3,760 X $ 2,700 X $ 5,005 $ $ 15.00 15.00 5 15.00 75 Purchase 385 $ 13.00 13.00 65,065 385 $ 13.00 5,005 800 11,465 415 165,725 5,480 Specific Id Weighted Average FIFO LIFO 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: Cost of Goods Sold Goods Purchased Inventory Balance Date Cost per # of units Cost per unit # of units sold Cost of Goods Sold # of units Cost per unit unit Inventory Balance January 1 235 at $ 16.00 = $ 3,760.00 January 10 January 20 Average cost January 20 . January 25 200 at $ 15.22 = $ 3,044.00 30 at $ 15.22 = $ 456.60 385 at $ 13.00 30 at $ 15.22 = II $ 456.60 January 30 385 at $ 13.00 = II 5,005.00 5,461.60 Totals $ 3,044.00 415 at $ 415.00 X $ Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Date Goods Purchased Cost # of units per unit Cost of Goods Sold Cost # of units Cost of Goods sold per Sold unit # of units Inventory Balance Cost Inventory per Balance unit $ $ 3,760.00 16.00 January 1 235 at = January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost # of units Cost of per sold Goods Sold unit Goods Purchased Cost # of units per unit Date # of units Inventory Balance Cost per Inventory Balance unit $ $ 16.00 3,760.00 January 1 235 at January 10 50 at 50 January 20 180 Total January 20 180 X January 25 180 Total January 25 30 January 30 30 385 Totals