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 400 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 January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 230 units @ $ 15.50 = Units sold at Retail $ 3,565 180 units @ $ 24.50 190 units @ $ 14.50 = 2,755 220 units $ 24.50 400 units $ 14.00 = 820 units 5,600 $ 11,920 400 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. Goods Purchased Weighted Average - Perpetual: Cost of Goods Sold 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 January 1 230 at $ 15.50 = $ 3,565.00 January 10 January 20 180 at $ 15.50= $ 2,790.00 190 at $ 14.50 Average cost January 20 at 190 at $ 190 at 14.50 = 2,755.00 $ 2,755.00 January 25 January 30 Totals 220 at 400 at $ 14.00 400 at $ 14.00 = 5,600.00 $ 2,790.00 400 at