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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units sold at Units Acquired at Cost Retail 140 units @ $6.00 = $ 840 100 units @ $ 15 60 units @ $5.00 = 300 80 units @ $ 15 180 units @ $4.50 = _ 810 380 units $1,950 180 units 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. Complete this questions by entering your answers in the below tabs. 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 Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Inventory- Ending Inventory Ending Ending Cost Per Inventory- Units Cost 15 $ 6.00 $ 5 $ 5.00 Unit 90 lan. 1 Han. 20 lan. 30 Beginning inventory Purchase Purchase 140 60 180 380 $ 6.00 $ 5.00 $ 4.50 25 20 115 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 # of Cost per Date units unit Cost of Goods Sold # of Cost per Cost of Goods units unit Sold sold Inventory Balance # of units Cost per Inventory unit Balance January 1 140 @ $ 6.00 = $ 840.00 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. Perpetual FIFO: Goods Purchased Inventory Balance Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date # of units Cost per unit # of units Cost per unit Inventory Balance January 1 140 @ $ 6.00 = 840.00 January 10 January 20 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 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 140 @ $ 6.00 = 840.00 January 1 January 10 January 20 January 25 January 30 Totals