2 Required information Use the following information for the Exercises below. [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 $16.00 105 units@ 65 units $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 145 units@ $7.00 $1,015 70 units@ $6.00- 420 190 units@ $5.50- 1,045 405 units $2,400 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory Exercise 5-3 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. Required 1 Required 2 Required 3 Required 4 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 Purchase Date Jan 1 Jan 20 Jan 30 Available for Sale Activity Beginning inventory Purchase Purchase Units 145 70 190 405 Unit Cost $7.00 $ 6.00 $5.50 Answer is not complete. Cost of Goods Sold Unit Cost Units Sold 0 Required T COGS $ 0 Ending Inventory Cost Per Unit Ending Inventory Units Required 2 > 0 Ending Inventory. Cost $ 0 Required information Required 1 Required 2 Required 3 Required 4 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: Date January 1 January 10 January 20 Average cost January 25 January 30 Totals Goods Purchased #of units Cost per unit 70@ $6.00 # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold < Required 1 # of units 145 70 70 Inventory Balance: Cost per unit $7.00 @ @ @ $ 6.00 Required 3 > < Prev Inventory Balance $1,015.00 420.00 $ 420.00 10 of 10 21 Next > art 1 of 2 -6 Required information Required 1 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 Date January 1 January 10 January 201 January 25 January 30 Totals Required 2 Required 3 Goods Purchased #of units Cost per unit Required 4 of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold < Required 2 of units 145 Inventory Balance Cost per unit $7.00 @ Required 4 > Inventory Balance 5 1.015.00 121 Nxt > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Date January 1 January 10 January 20 January 25 January 30 Totals Goods Purchased # of units Cost per unit Cost of Goods Sold Cost per unit #of units sold Cost of Goods Sold < Required 3 #of units Inventory Balance Cost per unit $7.00 145 @ Retired 4 > = Inventory Balance S 1.015.00