1 28 points 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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Date January 1 January 10 January 201 January 25 January 30 Activities Beginning inventory Sales Purchase Sales 195 units 120 units 8 $ 21.00 Units Acquired at Cost $12.00- $11.00 = $10.50- $ 2,340 1,320 3,045 155 units 135 units 8 @ $ 21.00 290 units Purchase Totals 605 units $ 6,785 200 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. 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 Cast 6 of units #af units Activity Per Cost Per Unit COGS Ending Inventory Units Cost Per Unit Unit sold January 1 Beginning inventory S 12.00 January 20 Purchase S 11.00 January 30 Purchase S 10 50 195 120 290 605 DO 0 Specific d 0 0 Weighted Average > Ending Inventory Cost 0 1 28 points 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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date Units sold at Retall January 11 January 16 January 20 8 Activities Beginning inventory Sales Purchase Sales Purchase Totals $ 2,340 155 units 1,320 $ 21.00 Units Acquired at Cost 195 units@ $ 12.00 = 128 units @ $11.00- 290 units @ $10.50- 505 units 135 units $ 21.00 January 25 January 30 3,045 $.6,705 290 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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 to ending and to cost of sold using LIFO. Answer is not complete. Complete this question by entering your answers in the tabs below. Weighted Specific Id FIFO LIFO Average 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: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost # of Cost per # of units per units Cost per unit Cost of Goods Sold # of units Inventory Balance unit unit sold 195 = $ 2,340.00 January 1 January 10 January 201 Average cost January 20 January 25 January 30 Totals T S 8 12.00 1 28 points Units sold at Retail Date January 1 January 10 Units Acquired at Cost 195 units @ $ 12.00- $ 21.00 Activities Beginning inventory Sales Purchase Sales Purchase Totals January 20 January 25 January 30 120 units @ $11.00- $10.50- 155 units e 135 units 8 $ 21.00 290 units @ 605 units 290 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost Cost per # of units # of units Cost of Goods Sold per # of units sold unit unit January 1 195 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals $ 2,340 1,320 3,045 $ 6,705 Inventory Balance Cost per unit $ 12.00 Inventory Balance = $ 2,340.00 1 28 points Date January 18 Units sold at Retail Units Acquired at Cost 195 units @ $ 12.00- $ 21.00 Activities Beginning inventory Sales Purchase Sales Purchase January 10 January 20 January 25 January 30 120 units @ $ 11.00 - 155 units 135 units 290 units @ 0 $ 21.00 290 units @ $10.50- 605 units Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 Cost Cost Date # of units # of units sold per unit # of units per unit January 11 195 at January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Cost of Goods Sold $ 2,340 1,320 3,045 $ 6,705 Inventory Balance Cost per unit IS 12.00 Inventory Balance = $ 2,340.00