! 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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Units sold at Retail 115 units Units Acquired at Cost 155 units @ $ 8.00 = $ 1,240 90 units $ 7.00 - 630 @ Date January 1 January 10 January 20 January 25 January 30 $ 17.00 Activities Beginning inventory Sales Purchase Sales Purchase Totals 95 units $ 17.00 $ 6.50 - 210 units 455 units 1,365 $ 3, 235 210 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 8.00 January 1 January 20 January 30 Beginning inventory Purchase 155 $ 90 $ 7.00 Purchase 210 6.50 455 0 $ 0 0 0 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: Cost of Goods Sold Goods Purchased Inventory Balance Date Cost per # of units # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 155 at $ 8.00 = $ 1,240.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Inventory Balance Date Cost per Cost per # of units unit # of units unit unit Inventory Balance January 1 155 at $ 8.00 $ 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Goods Purchased Cost per # of units unit Date Cost per # of units unit Inventory Balance January 1 155 at $ 8.00 = $ 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals