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 160 units @ $8.50 = $1,368 Units sold at Retail 120 units @ $17.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units @ $7.50 - 750 120 units @ $17.50 220 units @ $7.80 = 480 units 1,540 $3,650 240 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 240 units, where 220 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 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 decim places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Ending Inventory Ending Cost Per Ending Inventory- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS 160 Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 100 0 220 480 0 S 0 0 S 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 d Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit Inventory Balance January 1 160 @ S 8.50 = $ 1,360.00 January 10 January 20 Average cost 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 FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: 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 160 @ $ 8.50 = $ 1,360.00 January 1 January 10 January 20 January 25 January 30 Totals Complete this question by entering your answers in the tabs below. 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 units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Date Cost per Inventory Balance #of units Inventory unit Balance 160 @ $ 8.50 = $ 1.360.00 January 1 January 10 January 20 January 25 January 30 Totals