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! 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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 units @ $ 8.00 = January 10 Sales $ 1,240 115 units @ $ 17.00 January 20 Purchase 98 units @ $ 7.00 = 630 January 25 Sales 95 units $ 17.00 January 30 Purchase 210 units $ 6.50 = 1,365 Totals 455 units $ 3,235 210 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. LIFO Specific 10 Weighted Average FIFO 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 Cost Per Activity Ending #of units # of units Cost Per Unit Unit sold COGS Inventory Ending Cost Per Unit Units Inventory. Cost January 1 Beginning inventory 155$ 8.00 January 20 Purchase 905 7.00 January 30 Purchase 2101 s 6.50 0 Units sold at Retail Units Acquired at Cost 155 units $ 8.00 = $ 1,240 115 units @ $ 17.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 90 units @ $ 7.00 630 95 units $ 17.00 $ 6.50 = 210 units 455 units 1,365 $ 3,235 210 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 la Weighted FIFO LIFO Average 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 Ending Cost Per # of units Activity of units Cost Per Unit COGS Inventory Cost Per Unit Ending Unit sold Units Inventory. Cost January 1 Beginning inventory 155$ 8.00 January 20 Purchase 90 $ 7.00 January 30 Purchase 210 $ 6.50 0 455 0 $ 0 0 $ 0 Speck Weighted Average > 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 FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory. Balance Date Cost per # of units Cost per Cost of Goods Cost per # of units unit # of units Inventory Balance sold unit Sold unit January 1 155 at $ 8.00 - $ 1,240.00 + January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals 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 Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units #of units Cost per Cost of Goods Cost per #of units unit sold unit Sold Inventory Balance unit January 1 155 at $ 8.00 - $ 1,240.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per cost of Goods unit Goods Purchased # of units Cost per unit Date Inventory Balance Cost per Inventory # of units unit Balance sold Sold January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals (Required 1 Required 3 > [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 Retail January 1 Beginning inventory 295 units @ $13.80 = $ 4,071 January 10 Sales 240 units @ $43.80 March 14 Purchase 480 units @ $18.80 = 9,024 March 15 Sales 420 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 October 5 Sales 465 units @ $43.80 October 26 Purchase 195 units @ $28.80 = 5,616 Totals 1,465 units $ 30,492 1,125 units Exercise 5-8 (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 nces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method, FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit (Required 2