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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
January 1 | Beginning inventory | 160 | units | @ | $ 8.50 | = | $ 1,360 | ||||
January 10 | Sales | 120 | units | @ | $ 17.50 | ||||||
January 20 | Purchase | 100 | units | @ | $ 7.50 | = | 750 | ||||
January 25 | Sales | 120 | units | @ | $ 17.50 | ||||||
January 30 | Purchase | 240 | units | @ | $ 7.00 | = | 1,680 | ||||
Totals | 500 | units | $ 3,790 | 240 | units |
Required:
- Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
- Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
- Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
- Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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