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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date Activities January 1 January 10 Beginning inventory Sales Units Acquired at Cost 225 units @ $ 15.00 = Units sold at Retail $ 3,375 175 units @ $ 24.00 January 20 January 25 Purchase Sales 180 units @ $ 14.00 = 2,520 210 units @ $ 24.00 January 30 Purchase Totals 385 units $ 12.00 = 4,620 790 units $ 10,515 385 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 Cost of Goods Sold Ending Inventory # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Available for Sale Purchase Date Activity January 11 January 20 Beginning inventory Purchase January 30 Purchase Ending Inventory-Cost 225 180 385 790 0 $ 0 0 $ 0 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 225 at $ 15.00 = $ 3,375.00 January 20 Average cost January 20 January 25 January 30 Totals < Specific Id FIFO > 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 unit Inventory Balance January 1 225 at $ 15.00 = $ 3,375.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals 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 Sold # of units Cost per unit Inventory Balance Inventory Balance January 1 225 at $ 15.00 = $ 3,375.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals