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 sold at Retail Units Acquired at Cost 175 units @ $10.00 = $1,750 135 units @ $19.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $ 9.00 = 1,170 140 units @ $19.00 250 units@ $ 8.50 = 2,125 555 units $5,045 275 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 250 are from the January 30 purchase, 5 are from the January 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 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 2 decimal nlaroe 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- Inventory- Unit Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 175 $ 10.00 25 $ 10.00 $ 250 Beginning inventory Purchase Jan. 20 130 $ 9.00 5 $ 9.00 $ 45 Jan. 30 Purchase 250 $ 8.50 0 250 $ 8.50 $ 2,125 2,420 555 0 $ 0 280 Required 1 Required 2 Required information 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 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 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 1 175 @ $ 10.00 = $ 1,750.00 January 10 January 20 Average cost January 25 January 30 Totals Required information 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 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 Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance unit unit January 1 175 @ $ 10.00 = $ 1,750.00 January 10 January 20 January 25 January 30 Totals - ..ll. ......... Required information 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 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 per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Inventory # of units unit Balance Cost per Date unit January 1 175 @ $ 10.00 = $ 1,750.00 January 10 January 20 January 25 January 30 Totals