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 260 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 January 25 Sales January 30 Purchase Totals Units Acquired at Cost 170 units $9.50- Units sold at Retail $ 1,615 130 units $18.50 120 units $8.50- 1,020 130 unit $18.50 260 unite $8.00- 550 units 2,080 $4,715 260 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. 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 11 Beginning inventory 170 January 20 January 30 Purchase Purchase 120 260 550 0 $ 0 $ 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: Goods Purchased Cost of Goods Sold Inventory Balance Date W of units Cost per # of units unit sold Cost per unit Cost of Goods Sold of units Cost per unit Inventory Balance January 1 170 at 5 9.50 $ 5,615.00 January 10 January 201 Average cost January 20 January 251 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date of units Cost per unit # of units soldi Cost per Cost of Goods unit Sold Cost per # of units unit Inventory Balance Inventory Balance January 11 170 at $9.50 = $ 1,615.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Next > Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Date # of units Cost per # of units unit sold January 1 January 10. January 20 Total January 201 January 25 Total January 25 January 30 Totals Perpetual LIFO: Cost of Goods Sold Inventory Balance Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance 170 at $9.50 $ 1.615.00