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 225 units @ $15.00 = $ 3,375 175 units @ $24.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units @ $14.00 = 2,520 210 units @ $24.00 350 units @ $13.50 = 755 units 4,725 $10,620 385 units The Company uses a perpetual inventory system. For specific identification, ending Inventory consists of 370 units, where 350 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 decimal places.) Specific Identification Available for Sale Purchase Date Activity Units Unit Cost Jan. 1 Beginning inventory Purchase Cost of Goods Sold Ending Inventory Units Ending Cost Per Ending Sold Unit Cost COGS Inventory Unit Inventory- Units Cost 3375 $ 15.00 $ 50,625 151 $ 15.00 $ $ 225 2520 $ 14.00 $ 35,280 0 4725 $ 13.50 $ 63.788 5 $ 13.50 $ 68 10.620 $ 149,693 20 $ 293 225 $ 15.00 180 $ 14.00 350 $ 13.50 755 Jan. 20 Jan. 30 Purchase Required 1 Required 2 > 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 decimal places.) 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 1 225 @ $ 15.00 = $ 3,375.00 January 10 175| @ $ 15.00] = $ 2,625.00 501@ $ 15.00 = $ 750.00 January 20 1801 @ $ 14.00 $ 750.00 50 @ $ 15.00 = 180 @ $ 14.00 = 2,520.00 $ 3,270.00 Average cost 230 a January 25 230 @ $ 14.22 = $ 3,270.60 January 30 3501@ $ 13.50 4,725.00 350 @ $ 13.50 = 350 @ Totals $ 5,895.60 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 Date # of units # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance unit January 1 225 @ $ 15.00 = $ 3,375.00 January 10 175 @ $15.00 $ 2,625.00 50 @ $ 15.00 = $ 750.00 January 20 50 @ $ 15.00 50 @ $ 15.00 = $ 750.00 180 @ $ 15.00 = 2,700.00 $ 3,450.00 January 25 = 750) @ 2,520 @ $15.00 $ 15.00 = $ 11,250.00 37,800.00 $ 49,050.00 20 @ $ 15.00 = $ 300.00 350 @ $ 15.00 = $ 5,250.00 $ 5,550.00 January 30 20 @ $ 14.00 $ 15.00 0 @ 0 @ 0 @ $ 15.00 $ 14.00 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 Cost per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 225 @ $ 15.00 = $ 3,375.00 January 10 January 20 January 25 January 30 Totals