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Hi, please help with the question below! Please follow the below instruction before you wrote the answer to this question: 1. Follow the format of
Hi, please help with the question below! Please follow the below instruction before you wrote the answer to this question:
1. Follow the format of the chart when you write down the answer
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Laker Company reported the following January purchases and sales data for its only product. Units Sold at Retail Units Acquired at Cost 140 units @ $6.00 = $ 840 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 100 units @ $15 300 60 units @ $5.00 = 180 units @ $4.50 = 80 units @ $15 810 Totals 380 units $1,950 180 units Required: The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round cost per unit to 3 decimal places.) a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units Cost per | # of units # of units Cost per Available for Cost of Cost Ending unit 1 in ending sold unit Goods Sold Sale Inventory inventory per unit Beginning inventory Purchases Jan. 20 Jan. 30 Total b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Average Cost of Goods #of units Average Cost of # of units Cost per Available for | Cost per sold Goods Sold Sale Unit Ending Inventory # of units Average Ending in ending Cost Inventory inventory per unit unit Beginning inventory Purchases Jan. 20 Jan. 30 Total c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods S # of units of units Cost per Cost of # of units . Available for unit | Sale sold unit Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Pa Beginning inventory Purchases: Jan. 20 Jan. 30 Total d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods os # of units Cost per Cost of # of units Available for unit sold unit Sale Ending Inventory # of units in ending Cost Ending inventory per unit Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 TotalStep by Step Solution
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