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 145 units $7.00 - $1,015 Units sold at Retail 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 70 unitse $6.00 - 420 85 units $16.00 190 units $5.50 - 405 units 1.045 $2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 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 Purchase Date Ending Inventory Ending Ending Cost Per Inventory Unit Inventory Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS 145 Jan 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 70 190 405 $ $ 0 (Required 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 to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Date # of Cost per units unit # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per # of units Inventory unit Balance January 1 145 @ $ 7.00 = $ 1.015.00 January 10 105 $ 7.00= S 735.00 January 20 70 @ $ 6.00 $ 6.00 = 420.00 70 @ 70 @ $ 420.00 Average cost January 25 January 30 190 $ 5.50 $ 5.50 = 1,045.00 190 190 @ Totals $ 735.00 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 145 @ $ 7.00 = $ 1.015.00 January 1 January 10 January 20 January 25 January 30 Totals 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: Goods Purchased # of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost per # of units Inventory unit Balance 145 $ 7.00 = $ 1,015.00 January 1 January 10 January 20 January 25 January 30 Totals