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. Date: Activities Jan. 1 Beginning inventory Units Acquired at Cost 165 units $9.00-$1,485 Units sold at Retail Jan. 10 Sales 125 units $18.00 Jan. 20 Purchase 110 units $8.00- 880 Jan. 25 Sales Jan. 30 Purchase Totals 125 units $18.00 230 units $7.50-1,725 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending 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 1 Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Inventory Ending Inventory Cost Per Unit Ending Inventory Required 1 Required 2 Required 31 Required 41 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per um places.) Specific Identification Available for Sale Cost of Goods Sold Unit Units Purchase Date Activity Units Unit Cost COGS Cost Sold Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost Jan. 1 Beginning inventory 165 $9.00 Jan 20 Purchase 110 $ 8.00 Jan. 30 Purchase 230 $ 7.50 505 0 $ 0 0 $ Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit Weighted Average Perpetual: Goods Purchased Cost of Goods Sold. Inventory Balance # of Date # of units Cost per unit units Cost per Cost of Goods unit Sold Cost per Inventory # of units sold January 1 unit 165 $9.00 = $ 1,485.00 Balance January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 41 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal place Perpetual FIFO: Goods Purchased Date # of units January 11 January 10 January 20 January 25 January 30 Totals Cost of Goods Sold Inventory Balance Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory # of units unit Balance 165 @$9.00 = $1,485.00 < Required 2 Required 4 > Required 1 Required 2 Required 3 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: Date January 1 January 10 January 20 January 25 January 30 Totals Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units Cost per Cost of Goods # of units Cost per Inventory unit sold unit Sold unft Balance 165 @$9.00 = $1,485.00 < Required 3 Required 4 >