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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,
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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date: January 1 January 10 January 20 Activities Beginning inventory Units Acquired at Cost 175 units $10.00- Units sold at Retail $ 1,750 Sales 135 units $ 19.00 January 25 January 30 Purchase Sales Purchase Totals 130 units $ 9.00- 1,170 140 units e $ 19.00 275 units e $7.00- 580 units 1,925 $ 4,845 275 unite Required: 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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