Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] 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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Units Acquired at Cost 190 units @ Units sold at Retail $ 7.00 = $ 1,330 Sales Purchase Sales Purchase Totals 150 units @ $ 16.00 110 units @ $ 6.00- 660 130 units @ $ 16.00 280 units @ $ 5.50 = 580 units 1,540 $ 3,530 280 units Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO 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 Inventory Purchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 January 20 Beginning inventory Purchase 190 110 January 30 Purchase 280 580 0 $ EA 0 0 C Specific Id Weighted Average FIFO LIFO 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: January 1 January 10 January 20 Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 190 at $ 7.00 = 1,330.00 Average cost January 20 January 25 January 30 Totals Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units 190 at Inventory Balance Cost per unit Inventory Balance $ 7.00 = 1,330.00 Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit # of units Sold Inventory Balance Cost per unit 190 at $ 7.00 II = Inventory Balance EA 1,330.00 160 at $12.50 = $2,000.00 40 40 40 130 || at $ 7.00 = EA 280.00