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. Units sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning 195 units@$12.98=$2,340 inventory Jan. 10 Sales 155 units@$21.00 Jan.20 Purchase 120 units@$11.00= 1,320 Jan.25 Sales 135 units@$21.00 Jan. 30 Purchase 290 units@$10.50= 3,045 Totals 605 units $6,705 290 units Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. 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 Weighted Id 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 Cost # of Cost Ending # of Cost Ending Activity Date Per Per units COGS units Inventory Per Inventory Unit sold Unit Units Unit Cost Beginning $ $ Jan. 1 195 17 S 12.00 inventory 240 12.00 2,100 200 $ 12.00 $ $ Jan. 20 Purchase 120 115 11.00 1,265 S 11.00 55 11.00 Jan. 30 Purchase 290 10.50 290 S 10.50 3,045 10 S 605 290 315 $ 3,340 3,365 Complete this question by entering your answers in the tabs below. units sold Specific Weighted Id 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: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of Cost Date Cost per per units Cost of per # of units Inventory unit unit Goods Sold unit Balance January 1 195 @ $12.00 = $2,340.00 January 10 155 @ $21.00% 3,255.00 January 120 20 11.00 120 @ $ 11.00 1,320.00 Average cost 120 $ 1,320.00 January 135 @ $ 21.00% 2,835.00 January 30 290@ 10.50 290 $ 10.50 3,045.00 Totals 290 6,090.00 @ @ 25 IS Complete this question by entering your answers in the tabs below. Specific Weighted Id FIFO LIFO Average 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 # of Cost # of Cost Cost of Date # of Cost per units per Goods Inventory units per units unit Balance sold unit Sold unit $ January 1 195 @ $ 12.00 2,340.00 January 10 January 20 January 25 January 30 Totals Specific Weighted Id 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 Cost # of Cost Cost of Date # of Cost # of per units Inventory Goods per per units unit sold unit Sold units unit Balance January 1 195 @ 12.00 = $ 2,340.00 January 10 January 20 January 25 January 30 Totals Req 1 Reg 2 to Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) Show less LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit 0 $ $ Req1 Req 2 to 4 > $ $ 0 0 0