can you explain how to solve this? thank you
! 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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units@ $12.50 = $2,500 Jan. 10 Sales 160 units @ $21.50 Jan. 20 Purchase 130 units@ $11. 50 = 1, 495 Jan. 25 Sales 140 units @ $21.50 Jan. 30 Purchase 300 units@ $11.00 = 3,300 Totals 630 units $7, 295 300 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1Required: 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 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: Goods Purchased Cost of Goods Sold Inventory Balance # of Date # of Cost per Cost per Cost of Goods Cost per Inventory units unit units unit Sold # of units sold unit Balance January 1 200 @ $ 12.50 $ 2,500.00 January 10 160 @ January 20 130 @ $ 11.50 130 @ $ 11.50 1,495.00 Average cost 130 @ $ 1,495.00 January 25 140 @: January 30 300 @ $ 11.00 300 $ 11.00 3,300.00 Totals 300 @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 Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods # of units Cost per Inventory units unit sold unit Sold unit Balance January 1 200 @ $ 12.50 $ 2,500.00 January 10 January 20 January 25 January 30 TotalsDetermine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods Cost per Inventory units unit sold unit Sold # of units unit Balance January 1 200 @ $ 12.50 $ 2,500.00 January 10 January 20 January 25 January 30 Totals
