Required information Use the following information for the Exercises below [The following information applies to the questions displayed below.j Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 215 units $14.00$3,010 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30Purchase Units sold at Retail 165 units 23.00 190 units $23.00 160 units $13.00 2,080 330 unitse $12.504,125 705 units Totals $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 Complete this questions by entering your answers in the below tabs Required 1 Required 2 Required 3Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific ldentification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory- Ending Unit Units Unit Cost Purchase Date Activity COGS Inventory Cost Sold 215 160 330 705 Cost Sold Unit Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 0 0 0 Required 1 Required 2 Required 1Required 2 E Required 3 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 oods Purchased ost of Goods Sold Inventory Balanc #of units #of Cost per units Cost per Cost of Goods | Inventory Balance Date # of units unit unit Sold unit sold January 1 January 10 January 20 215 14.00$3,010.00 Average cost January 25 January 30 Totals Perpetual FIFO: Goods Purchased ost of Goods Sold Inventory Balance #of units Cost per unit #of units sold cost per unit Cost of Goods Sold Inventory Balance Date # of units unit January 1 January 10 January 20 215$14.00 3,010.00 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased #of Cost of Goods Sold Inventory Balance Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventor y Balance Date #Of units units unit 215@14.00 3010.00 January 1 January 10 January 20 January 25 January 30 Totals
