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 150 units @ $7.50 = $1,125 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 80 units @ $6.50 = 520 110 units @ $15.50 90 units @ $15.50 200 units @ $6.80 = 430 units 1,200 $ $2,845 = 200 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory Unit Inventory- Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning inventory Purchase 150 80 Jan. 20 Jan. 30 Purchase 200 430 Units sold at Retail Units Acquired at Cost 150 units @ $7.50 = $1,125 110 units @ $16.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 80 units @ $6.50 = 520 90 units @ $16.50 200 units @ $6.00 = 430 units 1,200 $2,845 200 units The Company uses a perpetual Inventory system. For specific Identification, ending Inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 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 Cost of Goods Sold Inventory Balance Cost per Date # of units #of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance unit January 1 150 @ $ $ 7.50 = 1.125.00 | s January 10 January 20 Average cost January 25 January 30 Totals Loker Company reported the following Jorudy purchases and sales dald or is only product Units sold at Retail Units Acquired at Cost 150 units@ $7.50 = $1,125 110 units @ $16.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 520 90 units @ $16.50 80 units @ $6.50 = 200 units @ $6.00 = 430 units 1, 2ee $2,845 200 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Inventory Balance # of units Cost per unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date # of units Inventory unit Balance $ 150 @ $ 7.50 - 1.125.00 January 1 January 10 January 20 January 25 January 30 Totals Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 150 units @ $7.50 = $1,125 110 units @ $16.50 @ $ Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 80 units @ $6.50 = 520 90 units @ $16.50 $6.00 = 2ee units 430 units 1,200 $2,845 200 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 3 Required 4 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 Cost per Inventory # of units unit Balance s 150 $ 7.50 - 1.125.00 January 1 January 10 January 20 January 25 January 30 Totals