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. Units sold at Retail Units Acquired at Cost 175 units@ $10.00 = $1,750 135 units @ $19.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $ 9.00 = 1,170 140 units @ $19.00 250 units @ $ 8.50 = 555 units 2,125 $5,045 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 6-3 Perpetual: Inventory costing methods LO P1 Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 2. 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. Perpetual FIFO: Goods Purchased # of units Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per unit Inventory Balance # of units Cost per Inventory unit Balance 175 @ $ 10.00 - $ 1,750.00 January 1 January 10 January 20 January 25 January 30 Totals Required 1 Required 2 > Te IT cooooryou oug I UTUL UIUUMIY PIULUI Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 175 @ $ 10.00 = $ 1,750.00 January 1 January 10 January 20 January 25 January 30 Totals