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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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 units @ $ 8.00 = $ 1,240 January 10 Sales 115 units $ 17.00 January 20 Purchase 90 units @ $ 7.00 = 630 January 25 Sales 95 units $ 17.00 January 30 Purchase 210 units $ 6.50 = 1,365 Totals 455 units $ 3,235 210 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. 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 Inventory Balance Date # of units Cost per # of units Cost per Cost of Goods unit Cost per sold # of units unit Sold unit Inventory Balance January 1 156 at $ 8.00 - $ 1.240,00 January 10 116 at $ 8.00 - $ 920.00 $ 8.00 = solat $ 700l 401 a SA DO $ 320 l De 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 FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost Cost # of units #of units per Cost of per # of units sold unit unit Goods Sold January 1 155 at Inventory Balance Cost per Inventory Balance unit $8.00 = $ 1,240.00 January 10 115 at $8.00 - $920.00 $8.00 90 at $7.00 $8.00 11 $ 320.00 January 20 40 90 lat $7.00 H 630,00 Total January 20 $ 950.00 at $7.00 0.00 35 $8.00 $ 280.00 January 25 0 Total January 25 280.00 $ $ 210 at $6.50 $8.00 280.00 January 30 35 at 210 245 3 at $6.50 1.592 50 Prev 1 of 1 Next Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold # of units Cost Cost of Goods per sold unit Sold Date Cost per unit # of units # of units Inventory Balance Cost Inventory per unit Balance $8.00 = $ 1,240.00 January 1 155 at January 10 115 $8.00 $ 920.00 40 at $8.00 - $ 320.00 90 at $7.00 $8.00 40 at January 20 320.00 = $ 90 at $7,00 630.00 Total January 20 $ 950.00 $8.00 $ 320.00 $8.00 January 25 40 at 55 at ot 35 $7.00 385.00 at $7.00 $ 245.00 Total January 25 $ 705.00 S 245.00 210 at $6.50 $8.00 s January 30 35 ot 210 lat 245 at $7.00 $6.50 280.00 1.470.00 1,592.50 Totals $1,625.00 $ 3,342.50 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. I 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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 units $ 8.00 $ 1,240 January 10 Sales 115 units @ $ 17.00 January 20 Purchase 90 units @ $ 7.00 January 25 Sales 95 units @ $ 17.00 January 30 Purchase 210 units $ 6.50 1,365 Totals 455 units $ 3,235 210 units 630 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 ossigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost ossigned to ending inventory and to cost of goods sold using LIFO. Answer is not complete