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Laker Compony reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending
Laker Compony reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 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. The Company uses a periodic inventory system. 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, 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. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending Inventory January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory
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