Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies...

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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. For specific identification, ending inventory consists of 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 145 units @ $ 7.00 = Units sold at Retail $ 1,015 January 10 Sales 105 units @ $ 16.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 70 units @ $ 6.00 = 420 85 units @ $ 16.00 190 units @ 405 units $ 5.50 = 1,045 $ 2,480 190 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. 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. Required information Specif Average LIC Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 145 at $ 7.00 = $ 1,015.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals 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. For specific identification, ending inventory consists of 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 145 units @ $ 7.00 = Units sold at Retail $ 1,015 January 10 Sales 105 units @ $ 16.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 70 units @ $ 6.00 = 420 85 units @ $ 16.00 190 units @ 405 units $ 5.50 = 1,045 $ 2,480 190 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. 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. Required information Specif Average LIC Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 145 at $ 7.00 = $ 1,015.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals