Required InformationUse 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.DateActivitiesUnits Acquired at Cost165 units@ $9.00 - $1,485Units sold at RetailJan. 1 Beginning inventoryJan. 10 Sales125 units @$18.00Jan. 20 PurchaseJan. 25 Sales110 units@ $8.00 =880125 units @ $18.00Jan. 30 Purchase230 units@ $7.50 -1,725Totals505 units$4,090250 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.Exercise 5-3 Perpetual: Inventory costing methods LO P1Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.Complete this question by entering your answers in the tabs below.Prev12of 5Next > Required informationRequired 1Required 2Required 3Required 4Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal placPerpetual FIFO:Goods PurchasedCost of Goods SoldInventory BalanceCost per# ofunitsCost perunit# of unitssoldCost perunitCost of GoodsSoldInventoryBalanceDate# of unitsunitJanuary 1165$ 9.00 =$ 1,485.00January 10January 20January 25January 30TotalsReguiredReguiredLA.

Name: Required InformationUse the following information for the Exercises b
Uploaded: 2022-11-21T18:53:23.000Z
Channel: Bartleby
Description: Required InformationUse 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.DateActivitiesU