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 275 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 Units Acquired at Cost 175 units $ 10.00 = Units sold at Retail $ 1,750 January 10 January 201 January 25 Sales 135 units $ 19.00 Purchase Sales 130 units $ 9.00 = 1,170 140 units $ 19.00 January 30 Purchase Totals 275 units 580 units $ 7.00 = 1,925 $ 4,845 275 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: Required information Complete this question by entering your answers in the tabs below. Specific Identification 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 Cost # of # of Cost Per Activity Per units Cost of Goods units Unit Unit sold Sold Ending Inventory- Units Cost Per Unit Ending Inventory- Cost January 1 January 20 January 30 Beginning inventory 175 $ 10.00 150 $ 10.00 $ 1,500 25 $ 10.00 $ 250 Purchase 130 $ 9.00 125 $ 9.00 1,125 5 $ 9.00 45 Purchase 275 $ 7,00 0 275 $ 7.00 1,925 580 275 305 $ 2,220 $ 2,625