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...

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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost 175 units @ $ 10.00 - $ 1,750 Units sold at Retail 135 units @ @ $ 19.00 Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units $ 9.00 - 1,170 140 units @ $ 19.00 $ 7.00 = 275 units 580 units 1,925 $ 4,845 275 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. Specific Id Weighted Average FIFO LIFO 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 Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost Beginning inventory 175 January 1 January 20 January 30 Purchase 130 Purchase 275 580 0 $ 0 0 0 <>