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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 190 units @ $ 7.00 = Units sold at Retail $ 1,330 January 10 Sales 150 units $ 16.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 110 units @ $ 6.00 = 660 130 units $ 16.00 280 units $ 5.50 = 580 units 1,540 $ 3,530 280 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 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 Beginning inventory 190 January 20 January 30 Purchase 110 Purchase 280 580 0 $ 0 0 < Specific Id Weighted Average > Required information 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 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 # of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 190 at $ 7.00 $ 1,330.00 January 20 Average cost January 20 January 25 January 30 Totals < Specific Id FIFO > Required information 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 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 unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per Inventory Balance unit January 1 190 at $7.00 = $ 1,330.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < Weighted Average LIFO > Required information 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 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 # of units Sold Inventory Balance Cost per unit Inventory Balance January 1 190 at $7.00 = $ 1,330.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals < FIFO LIFO >