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Required information 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. Units sold at Retail Units Acquired at Cost 225 units@ $15.00 - $ 3,375 175 units @ $24.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units@ $14.00 = 2,520 210 units @ $24.00 350 units@ $13.50 = 755 units 4,725 $10,620 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Ending Cost Ending Inventory Per Inventory- Units Unit Cost 225 X $ 15.00 $ 3,375 Jan. 1 Beginning inventory 225 210 $ 15.00 $ 3,150 Jan. 20 Purchase 180 $ 15.00 $ 14.00 $ 13.50 175 $ 14.00 $ 2,450 5 $ 14.00 $ 70 Jan. 30 Purchase 350 0 350 $ 13.50 $ 4,725 755 385 $ 5,600 580 $ 8,170 Required 1 Required 2 Required 3 Required 4 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 # of Cost Date per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit # of units Inventory Balance Cost Inventory per Balance unit $ $3,375.00 15.00 January 1 225 = January 10 175 $2,625.00 50 = $ 750.00 15.00 15.00 $ January 20 180 @ 50 = $ 750.00 14.00 15.00 $ 180 @ @ @ 2,520.00 Average cost 14.00 $ 14.22 230 $3,270.00 January 25 $ 210 $2,986.20 20 $ 284.40 14.22 14.22 January 30 350 @ 20 @ = $ 284.40 13.50 14.22 350 @ Il 4,725.00 13.50 $ 0.00 Totals $5,611.20 370 $5,009.40 Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit $ 15.00 January 1 225 @ $ 3,375.00 $ January 10 175 @ $ 15.00 50 @ $ 750.00 2,625.00 15.00 $ January 20 180 @ $ 14.00 50 @ $ 750.00 15.00 180 @ 2,520.00 14.00 $ 3.270.00 $ January 25 30 X @ $ 450.00 20 X @ $ 300.00 15.00 15.00 $ 14.00 $ 180 X @ 2,520.00 0 x @ 14.00 $ $ 300.00 2,970.00 January 30 350 @ $ 13.50 20 X @ $ 15.00 = $ 300.00 0X @ 14.00 350 @ 4,725.00 13.50 Totals $ 5,595.00 $ 5,025.00