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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Units Acquired at Cost 200 units S 12.50 Units sold at Retail $ 2,500 Date January 1 January 10 January 20 January 25 January 30 160 units $ 21.50 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units 5 11.50 1,495 140 units @ $21.50 5. 11.00 - 3,300 300 units 630 units $7,295 300 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 10 Weigh Average FIFO Required information Record journal entries for Laker Company's sales and purchases transactions Assume for this assignment that the company uses a perpetual Inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sale of goods. Noter Enter debits before credits Date General Journal Debit Credit January 10 Record entry Clear entry View general journal Totals 630 units $ 7,295 300 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 to 4 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.) LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 RU Req 2 to 4 >