5-3 Help Saved Required information 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 385 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 Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units $ 15.00- Unita sold at Retail $ 3,375 175 units 5:24.00 180 units e $ 14.00- 2,520 210 units $ 24.00 385 units 790 units $ 12.00- 4,620 $ 10,515 385 units Exercise 5-3 (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 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO ces Required information 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: Goods Purchased Cost of Goods Sold Inventory Balance Date of units Cost per # of units unit sold unit Cost per Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 225 at $ 15.00 $ 3,375.00 January 10 175 at $ 15.00- $ 2,625.00 50 at $ 15.00- $ 750.00 180 at $14.00 50 at $ 15.00 $ 750.00 January 201 180 at $ 14.00 2,520.00 Average cost January 201 230 at $ 14.22 S 3.270.00 January 25 210 at 385 at $ 12.00 January 30 Totals 385 at $ 12.00- 4,620.00 $ 2,625.00 385 at < Specific Id FIFO > Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold unit Cost per Cost of Goods Sold Inventory Balance Cost per # of units Inventory Balance unit January 1 225 at $15.00 $ 3,375.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory Balance unit January 1 225 at $15.00= $ 3,375.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals