THE TOWY MIES 10 ure questo spidytu DETOW. Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase. 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost 220 units @ $14.5e Units sold at Retail Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase $ 3,190 170 units $13.50 170 units $23.50 2,295 200 units $ 23.50 370 units 760 units $ 13.00 Totals 4,810 $ 10,295 370 units Exercise 6-3 (Algo) 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 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. Specific Id Weighted Average FIFO LIFO Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product Units Acquired at Cost 210 units $10.40 Units Sold at Retail $ 2,184 178 units e $40.40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 e $15.40 4,774 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 270 units @ $40.40 @ $20.40 310 units 410 units 110 units 1,048 units 8,364 380 units $40.40 $25.40 2,794 $ 18,116 820 units Exercise 6-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual Inventory system 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Dr Use the following information for the Exercises 8-10 below. (Algo) The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product Date Activities Units Acquired at Cost Units sold at til January 1 Beginning inventory 210 units $10.40 $ 2,184 January 10 Sales 170 units $40.40 March 14 Purchase 310 units $15.00 4.774 March 15 Sales 270 units $40.40 July 30 Purchase 410 units $20.40 3,164 October 5 Sales 380 units $10.40 October 20 Purchase 11e units $25.40 2,794 Totals 1,040 units $18.116 820 units Exercise 6-9 (Algo) Specific identification LO P1 Ending Inventory consists of 40 units from the March 14 purchase 70 units from the July 30 purchase, and all 110 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity of units Cost of Goods Sold # of units Cost Per sold Unit COGS Ending Inventory Cost Per Unit Ending Inventory Cost Ending Inventory Units Cost Per Unit January 1 March 14 Beginning inventory Purchase 290 310