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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 3 7 0 units
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of units from the January purchase, units from the January purchase, and units from beginning inventory.DateJanuary January January January January Activities Beginning inventory Sales Purchase Totals Units Acquired at Cost units$ Units sold at Retail$ units$ units$ units$ unitsi units$ $ units Exercise Algo Perpetual: Inventory costing methods LO PAssume the perpetual inventory system is used.
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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