Exercise $5-3($Algo$)$ Perpetual: Inventory costing methods LO P$1$Assume the perpetual inventory system is used.Required:Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.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.

 

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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. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Units Acquired at Cost 205 units @ $ 13.00 = Units sold at Retail $ 2,665 165 units $ 22.00 Purchase Sales Purchase Totals 140 units @ $ 12.00 = 310 units @ 655 units $ 11.50 = 1,680 3,565 $ 7,910 145 units @ $ 22.00 310 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. 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 Identification Weighted Average FIFO LIFO Answer is not complete. 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. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Units Acquired at Cost 205 units @ $ 13.00 = Units sold at Retail $ 2,665 165 units $ 22.00 Purchase Sales Purchase Totals 140 units @ $ 12.00 = 310 units @ 655 units $ 11.50 = 1,680 3,565 $ 7,910 145 units @ $ 22.00 310 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. 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 Identification Weighted Average FIFO LIFO Answer is not complete.