[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 230 units @ $8.60 = $ 1,978 130 units @ $16.60 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 300 units @ $ 7.60 = 2,280 225 units @ $16.60 170 units @ $6.60 = 1,122 Totals 700 units $5,380 355 units Required: The company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 170 are from the January 30 purchase, 80 are from the January 20 purchase, and 95 are from beginning inventory. Exercise 5-3 Part 1 1. 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 Cost of Goods Sold Purchase Date Activity Ending Inventory Ending Ending Cost Per Inventory- Unit Inventory- Units Cost Unit Cost Units Units Sold Unit Cost COGS Beginning inventory 230 Jan. 1 Jan. 20 Jan. 30 Purchase 300 Purchase 170 700 2. 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 Cost per Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit January 1 230 @ $ 8.60 $1,978.00 January 10 January 20 Average cost January 25 January 30 Totals 3. 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: Inventory Balance Goods Purchased Cost of Goods Sold # of units Cost per # of units sold Cost per Cost of Goods unit unit Sold Date # of units Cost per Inventory unit Balance $ $ 8.60 = 1,978.00 January 1 230 @ January 10 January 20 January 25 January 30 Totals Exercise 5-3 Part 4 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 units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per # of units Inventory unit Balance 230 @ $ 8.60 $ 1,978.00 January 1 January 10 January 20 January 25 January 30 Totals