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Laker Company reported the following January purchases and sales data for its only product. Activities Date Units Acquired at Cost Units Sold at Retail Beginning
Laker Company reported the following January purchases and sales data for its only product. Activities Date Units Acquired at Cost Units Sold at Retail Beginning inventory 1 Jan. 140 units@ $6.00-$ 840 Sales. Jan. 10 100 units@$15 Purchase 60 units @$5.00 Jan. 20 300 Sales. Jan. 25 80 units @$15 Purchase 180 units $4.50 Jan. 30 810 Totals... 380 units $1,950 180 units Required The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 ane from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. ACCT 121 Ex6-3, Parts a & b Print in landscape orientation. a Goods Purchased Inventory Balance Cost of Goods Sold Specific Date Identification 140 units @ $6 = $840 15 units @ $6 1/01 100 units Perpetual 1/10 60 units @ $5 1/20 80 units 1/25 180 units@ $4.50 1/30 b Cost of Goods Sold Inventory Balance Weighted Goods Purchased Date Average 140 units @ $6 = $840 1/01 100 units Perpetual 1/10 60 units @ $5 1/20 80 units 1/25 1/30 180 units@ $4.50
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