! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product Activities Units Acquired at Cost 145 units $7.00= $1,015 Units sold at Retail Date Jan 1 Beginning inventory 105 units $16.00 Jan. 10 Sales 70 units $6.00 Jan. 20 Purchase 420 85 units e $16.00 Jan. 25 Sales 190 units@ $5.50 Jan. 30 Purchase 1,045 190 units 405 units $2,480 Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 4 Required 2 Required 3 Complete the table to determine the cost assigned to end ing inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Cost Ending Inventory- Cost Units Sold Purchase Unit Unit Activity COGS Units Per Cost Date Cost Units Unit $ 7.00 105 Jan. 1 Beginning inventory Purchase $ 145 7.00 735 Jan. 20 $6.00 $ 5.50 85 $ 6.00 $ 70 510 $ 1,045 $ 2,290 Jan. 30 Purchase 190 5.50 190 405 380 0 0 Required 1 Required 2 Required 3 Required 1 Required 2 Required 4 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 Cost Cost Cost Cost of Goods Sold # of # of units sold Inventory Balance Date #of units per unit per unit per unit units $1,015.00 $ 7.00 January 1 145 @ = January 10 $7.00 $ 735.00 $ 7.00 $ 280.00 105 40 January 20 70 @ $ 6.00 $ 7.00 $ 280.00 40 $ 6.00 420.00 70 Average cost $ 6.36 $ 700.00 110 @ January 25 $ 6.00 $ 510.00 110x 85 January 30 $ 5.50 190 110 @ $ 5.50 1,045.00 190 Totals $1,245.00 300 Required 1 > Required 3 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased Inventory Balance Cost of Goods Sold Cost Cost Cost #of units #of units sold Cost of Goods Sold Inventory Balance #of units Date per unit per unit per unit $ 1,015.00 January 1 $7.00 145 @ $ 735.00 40 @ $ 7.00 $ 280.00 January 10 $7.00 105 January 20 $6.00 $7.00 70 $ 6.00 85 X January 25 $5.50 January 30 190 $ 5.50 Totals Required 2 Required 4 ************** ........*. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO Cost of Goods Sold Goods Purchased Inventory Balance Cost Cost Cost Inventory Balance #of #of units Cost of Goods Date # of units per unit per per unit units sold Sold unit $ 7.00 January 1 145 1,015.00 105 @ $7.00 January 10 16.00 1,680.00 $ 7.00 $6.00 January 20 70 $6.00 January 25 $5.50 January 30 190 $ 5.50 @ Totals Required 4> Required 3