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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 Jan. 1 Beginning inventory Units sold at Retail 145 units $7.00 - $1,015 Jan. 10 Sales 105 units $16.00 Jan. 20 Purchase 70 unitse $6.00 - 420 Jan. 25 Sales 85 units # $16.00 190 units $5.50 - 1,045 Totals 405 units $2,480 190 units Jan. 30 Purchase The Company uses a perpetual Inventory system. For specific identification, ending inventory consists of 215 units, where 190 ore 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. 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 places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Activity Inventory Purchase Date Units Unit Cost Units Sold Unit Cost COGS Cost Per Unit Ending Inventory Cost Units Jan. 1 Jan 20 Jan 30 Beginning inventory Purchase Purchase 145 $ 7.00 70 $ 6.00 190 $ 5.50 405 $ 0 0 $ 0 (Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 # of Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decim Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per cost of Goods Cost per units unit Inventory sold unit Balance January 1 145 @ $ 7.00 $ 1,015.00 January 10 January 20 Date # of units unit Sold # of units Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal place Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 145 @ $ 7.00 = $ 1,015.00 Date January 1 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 Required 3 Recuired 4 Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal plae Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold # of units Cost per Inventory Balance Inventory unit Balance 145 @ $ 7.00 - $ 1,015.00 January 1 January 10 January 20 January 25 January 30 Totals