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. Date Units sold at Retail $ 2,500 Activities Beginning inventory Sales Purchase Sales Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 = January 1 January 10 January 20 January 25 January 30 @ $ 21.50 1,495 3,300 160 units 140 units @ $ 21.50 Purchase Totals 300 units @ $ 11.00 = 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. 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 Purchase Date Activity Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units January 1 Beginning inventory $ 12.50 200 130 $ 11.50 January 20 Purchase January 30 Purchase 11.00 300 $ 630 # of units 0 $ 0 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ ( Date January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Goods Purchased # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units 200 at Inventory Balance Cost per unit $12.50 Inventory Balance = $ 2,500.00 Date January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Goods Purchased # of units Cost per unit Perpetual LIFO: Cost of Goods Sold # of units sold Cost per Cost of Goods unit Sold # of units 200 at Inventory Balance Cost per unit $12.50 Inventory Balance = $ 2,500.00