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Laker Company reported the following January purchases and sales data for its only product. For specific identification. ending inventory consists of 180 units from
Laker Company reported the following January purchases and sales data for its only product. For specific identification. ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory Sales 140 units January 201 Purchase 60 units .. .. Units Acquired at Cost $6.00- Units sold at Retail $ 848 180 units @ $15 $5.00 - 300 January 25 Sales 88 units @$15 January 30 Purchase Totals 180 units @ $ 4.50- 818 380 units $1,958 180 units Assume the perpetual inventory system is used. 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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