Exercise 5-3 Perpetual: Inventory costing methods LO P1 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 Jan. 1 Beginning inventory 240 units$8.802,112 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 135 units $16.80 235 units $16.80 310 units $7.802,418 80 units $6.801,224 730 units Totals $5,754 370 units Required The company uses a perpetual inventory system. For specific identification, ending inventory consists o 360 units, where 180 are from the January 30 purchase, 80 are from the January 20 purchase, and 100 are from beginning inventory Exercise 5-3 Part 1 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 ldentification Ending Inventory Cost of Goods Sold Available for Sale Ending Ending Cost Per Inventory Units Unit Cost Unit CostCOGS InventoryUnit Purchase Activity Units Units Cost Date Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 240 310 180 730 Exercise 5-3 Part 2 2. 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: oods Purchased ost of Goods Sold Inventory Balance #of units Cost per unit #of units sold Cost per Cost of Goods Sold Cost per Inventory Balance Date # of units unit unit 240$8.80$2,112.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Exercise 5-3 Part 3 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Goods Purchased Cost of Goods Sold Inventory Balance Cost per unit # of units sold i Cost per Cost of Goods Sold Cost per unit Inventory Balance Date # of units # of units unit 240 8.802.112.00 January 1 January 10 January 20 January 25 January 30 Totals Exercise 5-3 Part 4 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 Goods Purchased #of units Cost of Goods Sold Inventory Balance Cost per unit # of units sold Cost per unit Cost of Goods Sold ost per Inventory unit Date # of units Balance January 1 January 10 January 20 240 8.80 2,112.00 January 25 January 30 Totals