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Laker Company reported the following January purchases and sales data for its only product. Laker Company uses a perpetual inventory system. For specific identification, ending
Laker Company reported the following January purchases and sales data for its only product. Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 130 are from the January 30 purchase. 80 are from the January 20 purchase, and 75 are from beginning inventory. 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. (Round cost per unit to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) Determine the cost assigned to ending inventory and to cost of goods sold using FIFO
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