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 Acquired at Cost Units sold at Retail 140 units @ $6.00 - $ 840 100 units @ $15 68 units @ $5.00 - 300 30 units 515 180 units $4.50 380 units $1,950 180 units 310 The Company uses a perpetual inventory system For specific identification, ending inventory consists of 200 units, wher 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. Specific identication Available for Sale Cost of Goods Sold Units Sold Unit Cost COGS Ending inventory Ending Ending Cost Per Inventory Unit Inventory Units Cost Purchase Date Unit Cost Activity Units 1805 600 $ 1080 Jan 1 Jan 20 Jan 30 Beginning inventory Purchase Purchase 140 $ 6.00 60 $ 5.00 180 $ 4.50 380 180 $ 1.080 0 $ Required 2 > Required information Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Cost per # of units Date Cost per # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit 140 @ $ 6.00 = $ 840 00 January 1 January 10 January 20 Average cost January 25 January 30 Totals Required information 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: Goods Purchased #of Cost per units unit Cost of Goods Sold 1 of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 140 $ 600 = $ 840.00 January 1 January 10 January 20 January 25 January 30 Perpetual LIFO: Goods Purchased #of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance Date January 1 140 $ 600 5840.00 ol nt January 10 Int January 20 ences January 25 January 30 Required information January 25 Book January 30 erences Totals