! 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. Units sold at Retail Units Acquired at Cost 200 units @ $12.50 = $2,500 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 160 units @ $21.50 130 units @ $11.50 = 1,495 140 units @ $21.50 300 units @ $11.00 = 630 units 3,300 $7,295 Totals 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Ending Cost Per Inventory- Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory 200 Jan. 20 Purchase 130 Jan. 30 Purchase 300 630 0 $ 0 0 S 0 Required 1 Required 2 Required 3 Required 4 Determine the costs 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 Inventory Balance Cost per Date # of units Cost per unit # of units sold Cost per Cost of Goods unit # of units Sold Inventory Balance unit January 1 200 @ $ 12.50 = $2,500.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost Inventory per unit Balance $12.50 = $ 2,500.00 January 1 200 @ January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units sold Cost Cost of Goods units unit per unit Sold Date Inventory Balance Cost Inventory # of units per unit Balance $ 200 @ $ 12.50 = 2,500.00 January 1 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Which method yields the highest net income? Which method yields the highest net income? Required 1 Required 2 Required 3 Required 4 Does net income using weighted average fall between that using FIFO and LIFO? Does net income using weighted average fall between that using FIFO and LIFO? Required 1 Required 2 Required 3 Required 4 If costs were rising instead of falling, which method would yield the highest net income? Which method would yield the highest net income?