I need number 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. **Required Information for Inventory Costing Methods Exercise**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.| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||--------|-----------------------|--------------------------|-------------------------|| Jan. 1 | Beginning Inventory | 140 units @ $6.00 = $840 | || Jan. 10| Sales | | 100 units @ $15 || Jan. 20| Purchase | 60 units @ $5.00 = $300 | || Jan. 25| Sales | | 80 units @ $15 || Jan. 30| Purchase | 180 units @ $4.50 = $810 | || Totals | | 380 units = $1,950 | 180 units |The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 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****Requirements:**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 the weighted average.3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO (First-In, First-Out).4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO (Last-In, First-Out).This exercise is intended to help students understand different inventory costing methods and their application using the perpetual inventory system.

Name: I need number 3. Determine the cost assigned to ending inventory and
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Description: I need number 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. **Required Information for Inventory Costing Methods Exercise**Use the following information for the exercises below:*[The following information a

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Business

Accounting

I need number 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter23: Other Topics In Working Capital Management

Section: Chapter Questions

Problem 3MC: Write out the formula for the total costs of carrying and ordering inventory, and then use the...

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