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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 270 units from the

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 180 units @ $ 10.50 = $ 1,890
January 10 Sales 140 units @ $ 19.50
January 20 Purchase 110 units @ $ 9.50 = 1,045
January 25 Sales 130 units @ $ 19.50
January 30 Purchase 270 units @ $ 9.00 = 2,430
Totals 560 units $ 5,365 270 units

Assume the perpetual inventory system is used.

  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.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO

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