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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 216 units, where
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 216 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Date Activities January 1 Beginning inventory Units Acquired at Cost 148 units @ $ 6.00 = Units sold at Retail $ 888 January 10 Sales 92 units @ $ 15.00 January 20 Purchase January 25 Sales January 30 Purchase Totals 68 units @ $5.00 = 180 units @ $ 4.50 = 396 units 340 88 units @ $ 15.00 810 $ 2,038 180 units Required: Assume the periodic inventory system is used. 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.
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