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 Required at Cost 185 units $11.00 - $2,035 Units sold at Reta Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 145 units $20.00 100 units $10.00 - 1,000 125 units $20.00 270 units $ 9.50 - 555 units 2,565 $5.600 The Company uses a perpetual inventory system For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 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 cast assianed to andinn inventory and to cost of nonds sold usina FIFO. 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 cast 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 Ending Inventory Ending Ending Cast Per inventory. Tlalt Inventory Purchase Date Activity Units Unit Units Unit Cast coas 10 $ 185 $11.00 tot $ 10.00 270 s 950 175 96 0 $ $ 11.00 10.00 $ $ Jan. 20 1,925 950 5 $ $ 11.00 0.00 9.50 270 285 $ 5 2.555 2.725 $ 2.875 Check Inventory Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,700, and that the applicable income tax rate is 40%. (Round your intermediate calculations to 2 decimal places.) LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO $ 5.400 2,875 2525 00 1,700 250 0 Cost of goods sold Gross profit Expenses Income before the Income tax expense 5 25 S 0S 0S 0