1 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Part 1 of 2 Laker Company reported the following January purchases and sales data for its only product. 1.66 points 8 01:57:18 Units sold at Date Activities Units Acquired at Cost Retail Beginning Jan. 1 195 units@ $12.00 = $ 2,340 inventory Jan. 10 Sales 155 units@ $ 21.00 Jan. 20 Purchase 120 units@ $11.00 = 1,320 Jan. 25 Sales 135 units@ $ 21.00 Jan. 30 Purchase 290 units@ $10.50 = 3,045 Totals 605 units $6,705 290 units eBook Hint The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Print Exercise 5-3 Perpetual: Inventory costing methods LO P1 References 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. Required Required Required Required 2 4 1 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Purchase Unit Units Unit Ending Activity Units Date Cost COGS Inventory Per Inventory Sold Cost Units Unit Cost Jan. 1 Beginning 195 inventory Jan. 20 Purchase 120 Jan. 30 Purchase 290 605 Hint Required Required Required Required 2 3 Print 1 4 References 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 Cost of Goods Sold Purchased Inventory Balance Cost # of # of Cost Cost of Cost Date units per Inventory Goods units per # of units unit sold Balance unit Sold unit $ January 1 $ 195 @ 12.00 2,340.00 January 10 January 20 per Average cost January 25 January 30 Totals Complete this question by entering your answers in the tabs below. Hint Required Required Required Required 2 3 4 Print 1 erences Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Cost of Goods Sold Purchased Inventory Balance Cost Cost Cost # of # of units Cost of Date Inventory units per # of units sold per Goods Sold unit unit unit Balance January 1 $ $ 195 @ 12.00 2,340.00 January 10 January 20 per January 25 January 30 Totals Print 1 Required Required Required Required 2 3 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) References Cost of Goods Sold Perpetual LIFO: Goods Purchased # of Cost Date units per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost # of units Inventory per Balance unit $ $ 195 @ 12.00 2,340.00 January 1 January 10 January 20 January 25 January 30 Totals