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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 Activities Beginning inventory Sales January 25 Purchase Sales January 30 Purchase Totals Units Acquired at Cost 155 units $ 8.00- Units sold at Retail $ 1,240 115 units $ 17.00 90 units $ 7.00 = 210 units @ $ 6.50- 455 units 630 95 units @ $ 17.00 1,365 $ 3,235 210 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. Specific Id Weighted FIFO LIFO 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 Cost of Goods Sold Ending Inventory # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory-Cost 155 90 210 455 Available for Sale Purchase Date Activity January 1 January 20 January 30 Beginning inventory Purchase Purchase Specific Id Weighted Average > 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: Cost of Goods Sold January 1 January 10 January 20 Goods Purchased 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 155 at $ 8.00 = $ 1,240.00 Average cost January 20 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 FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold Cost per # of units unit Inventory Balance January 1 155 at $ 8.00 = $ 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < Weighted Average LIFO > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory Balance unit January 1 155 at $ 8.00 = $ 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < FIFO LIFO >