#3 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. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.

Use the following information for the Exercises 3-7 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.]

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.

Date	Activities	Units Acquired at Cost	Units sold at Retail
January 1	Beginning inventory	185	units	@	$ 11.00	=	$ 2,035
January 10	Sales							145	units	@	$ 20.00
January 20	Purchase	100	units	@	$ 10.00	=	1,000
January 25	Sales							125	units	@	$ 20.00
January 30	Purchase	270	units	@	$ 9.50	=	2,565
	Totals	555	units				$ 5,600	270	units

Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. 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. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO