! 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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals 120 units @ $ 11.00 = 290 units @ $ 10.50 = 605 units Units Acquired at Cost 195 units @ $ 12.00 = $2,340 1,320 135 units Units sold at Retail 155 units @ @ $ 21.00 $ 21.00 3,045 $ 6,705 290 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO 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 # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 January 20 Beginning inventory Purchase 195 12.00 120 $ 11.00 January 30 Purchase 290 $ 10.50 605 0 $ 0 Specific Id Weighted Average > 0 0 Specific Id Weighted Average FIFO LIFO 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: January 1 January 10 Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 195 at $ 12.00 = $ 2,340.00 January 20 Average cost January 20 January 25 January 30 Totals < Specific Id FIFO > 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 Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 195 at $12.00 = $ 2,340.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold Inventory Balance Cost per # of units Inventory Balance unit January 1 195 at $12.00 = $ 2,340.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < FIFO LIFO