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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory January 10 Sales January 20 Purchase 130 units @ Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 January 25 Sales 140 units @ $ 19.00 January 30 Purchase Totals 275 units @ 580 units $ 7.00 = 1,925 $ 4,845 275 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 January 20 January 30 Beginning inventory Purchase Purchase 175 130 275 580 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 January 20 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 175 at $ 10.00 = $ 1,750.00 Average cost January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per # of units unit sold January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory Balance unit 175 at $10.00 = $ 1,750.00 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 Inventory Balance Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold Cost per # of units Inventory Balance unit January 1 175 at at $10.00 = $ 1,750.00 January 10 January 201 Total January 20 January 25 Total January 25 January 30 Totals