0 Required information Use the following information for the Exercises 3-7 below. (Algo) [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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 January 10 January 20 Beginning inventory Sales January 25, Purchase Sales Units Acquired at Cost 180 units $10.50- $ 1,890 110 units Units sold at Retail 140 units e $ 19.50 $9.50- 1,045 130 units $ 19.50 January 30 Purchase Totals 270 units e $ 9.00- 560 units 2,430 $ 5,365 270 units ces Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 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. Complete this question by entering your answers in the tabs below. 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 Cost Per Unit COGS sold Ending Inventory. Units Cost Per Unit Ending Inventory-Cost January 1 January 201 January 30 Beginning inventory Purchase 180 110 $ $ 10.50 9.50 140 $ 9.50 1,330 Purchase 270 $ 9.00 130 $ 9.00 1,170 500 270 $ 2,500 0 $ 0 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: t January 1 ences January 10 Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 180 at $ 10.50 $ 1,890.00 January 201 Average cost January 201 January 25 January 30 Totals Required information Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. ok Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance ht January 11 180 at $10.50= $ 1,890.00 January 10 nt ences January 20 Total January 20 January 25 Total January 25 January 30 Totals < Weighted Average LIFO > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold: # of units Inventory Balance Cost per Inventory Balance unit January 1 180 at $10.50 $ 1,890.00 January 10 January 201 Total January 20 January 25 Total January 25 January 30 Totals >