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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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units sold at Retail Units Acquired at Cost 230 units @ $ 15.50 = $ 3,565 180 units @ $24.50 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 190 units @ $ 14.50 = 2,755 220 units @ $24.50 $ 14.00 = 400 units @ 820 units 5,600 $ 11,920 400 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. Weighted Average Specific id FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Cost of Goods Sold Available for Sale Ending Inventory Purchase Date Cost Per Unit # of units sold # of units Activity COGS Cost Per Unit Cost Per Unit Ending Inventory Units Ending Inventory- Cost $ 230 190 Beginning inventory Purchase Purchase 15.50 14.50 January 1 January 20 January 30 $ 400 $ 14.00 0 $ 0 820 S 0 Specific ld Weighted Average > Weighted Average Specific Id 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: Cost of Goods Sold Inventory Balance Goods Purchased Date Cost of Goods Cost per # of units unit sold Cost per unit # of units Cost per unit Inventory Balance # of units Sold 230 at $ 15.50 = $ 3,565.00 January 1 January 10 January 20 Average cost January 20 January 25 January 30 Totals

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