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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
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 10 units from beginning inventory. Date January 1 January 10 January 20 Activities Beginning inventory Sales Purchase Units Acquired at Cost 185 units @ $ 11.00 = Units sold at Retail $ 2,035 145 units @ $ 20.00 January 25 Sales January 30 Purchase Totals 100 units @ $ 10.00 = 270 units @ $ 9.50 = 555 units 1,000 125 units @ $ 20.00 2,565 $ 5,600 270 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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