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Laker Company had the following inventory transactions and sales transactions during January 2021: Jan 1, 2021 Beginning Inventory 140 units @ $6 each= $ 840

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Laker Company had the following inventory transactions and sales transactions during January 2021: Jan 1, 2021 Beginning Inventory 140 units @ $6 each= $ 840 Jan 10 Sold 100 units @ $15 each = $1,500 Jan 20 Purchased 60 units @ $5 each=$ 300 Jan 25 Sold 80 units @ $15 each = $1,200 Jan 30 Purchased 180 units @ $4.50 each = $810 Totals 380 units $1,950 $180 units $2,700 Required: Assume all sales are made on credit with no discounts offered. Laker uses a Periodic Inventory System. Determine the costs assigned to ending inventory and cost of goods sold using FIFO, LIFO and Average Cost. What is the Gross Profit for each of these inventory valuation methods

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