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Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 220 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning inventory 150 units @ $ 6.00 = $ 900
Jan. 10 Sales 90 units @ $ 15.00
Jan. 20 Purchase 70 units @ $ 5.00 = 350
Jan. 25 Sales 90 units @ $ 15.00
Jan. 30 Purchase 180 units @ $ 4.50 = 810
Totals 400 units $ 2,060 180 units

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.

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