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 Acquired at Cost 155 units @ $8.00 = $1,240 Units sold at Retail 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 = 630 95 units @ $17.00 210 units @ $6.50 = 455 units 1,365 $3,235 210 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 equired: - Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. -. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. . Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. -. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. 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 Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Date # of units units Cost per Cost of Goods unit Sold # of units Cost per unit unit Inventory Balance sold January 1 January 10 115 @ $ 8.00 = $ 920. 00 $ 8.00 = $ 8.00 = $ 8.00 = $ 7.00 = January 20 90 @ $ 155 @ 4 0 @ 40 @ 90 @ 130 @ 7.00 $1,240.00 $ 320.00 $ 320.00 630.00 $ 950.00 Average cost January 25 January 30 210 @ $ 6.50 $ 6.50 = 1,365.00 210 @ 210 @ Totals $ 920.00 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. 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 January 1 $ 8.00 = 1,240.00 January 10 January 20 January 25 January 30 Totals