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 230 units@ $15.50 = $ 3,565 Jan. 10 Sales 180 units @ $24.50 Jan. 20 Purchase 190 units $14.50 = 2,755 Jan. 25 Sales 220 units @ $24.50 Jan. 30 Purchase 360 units@ $14.00 = 5,040 Totals 780 units $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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. 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. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Ending Unit Units Units Ending Cost Unit Cost Cost Per Sold COGS Inventory- Units Unit Inventory. Jan. 1 Beginning inventory 230 S 15.50 215 S 15.50 $ 3,333 180 $ 15.50 $ 2,790 Jan. 20 Purchase 190 $ 14.50 185 $ 14,50 S 2,683 Jan. 30 Purchase 360 $ 14.00 0 780 400 $ 6,010 180 2.790 Cost $ Required 2 >