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 210 units@ $13.50 = $2,835 160 units @ $22.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 150 units@ $12.50 = 1,875 180 units @ $22.50 320 units@ $12.00 = 680 units 3,840 $ 8,550 340 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 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 Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory site Unit Inventory- Units Cost Cost Per Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS Inventory- Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase 210 150 320 680 Purchase Required 1 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 of Goods Sold Inventory Balance Weighted Average - Perpetual: Goods Purchased Date # of Cost per units unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per Inventory unit Balance $ 13.50 = $2,835.00 210 @ January 1 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. 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 For units unit Balance 210 @ $13.50 = 2,835.00 January 1 January 10 January 20 January 25 January 30 Totals Required 2 Required 4 > 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 # of units Cost per Inventory unit Balance 210 @ $13.50 = 2,835.00 January 1 January 10 January 20 January 25 January 30 Totals