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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,

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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 inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 101 Activities Beginning inventory Sales January 20 January 25 Purchase Sales January 30 Purchase Totals Units Acquired at Cost Units sold at Retail 185 units $11.00 $ 2,035 145 units $ 20.00 100 units @ $ 10.00= 1,000 125 units $ 20.00 270 units $9.50 555 units 2,565 $ 5,600 270 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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 Complete this question by entering your answers in the tabs below. Specific Id Weighted FIFO LIFO Average the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

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