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 Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = Jan. 25 Sales Be units @ $15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 388 units $1,950 180 units Date 3ee The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 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. 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 Avallable for Sale Cost of Goods Sold Ending Inventory Unit Ending Ending Cost Per Units Purchase Date Activity Units COGS Inventory Unit Cost Cost Inventory Sold Unit Units Cost Jan 1 Beginning inventory 140 $ 6.00 Jan. 20 Purchase 60 $ 5.00 $ 5.00 500 Jan. 30 Purchase 380 0 0 100 $ 500 180 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 cos Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of Cost per Cost of Goods Cost per Inventory Date units # of units units unit unit Sold unit Balance sold January 1 140 @ $ 6.00 - $ 840,00 January 10 January 20 Average cost January 25 January 30 Totals of 2 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 Cost of Goods Sold Inventory Balance # of Cost per Date # of units Cost per Cost of Goods Cost per Inventory # of units units unit sold unit Sold Balance January 1 140 @ $ 6.00 - 840.00 January 10 January 20 unit ook int int January 25 onces 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. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods Date Cost per Inventory # of units units unit sold unit Sold unit Balance $ January 1 140 @ $ 6.00 = 840.00 January 10 January 20 January 25 January 30 Totals