Need the information of Cost of goods, available for sale, cost of goods sold, ending inventory, for FIFO, LIFO, and weighted average Laker Company reported
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Need the information of Cost of goods, available for sale, cost of goods sold, ending inventory, for FIFO, LIFO, and weighted average
Laker Company 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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 155 units @ $ 8.00 = 90 units @ 210 units @ 455 units $ 7.00 = $ 6.50 = $ 1,240 630 1,365 $ 3,235 Units sold at Retail 115 units 95 units 210 units @ @ $ 17.00 $ 17.00
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To determine the cost of goods sold COGS the cost of goods available for sale and the ending inventory under FIFO FirstIn FirstOut LIFO LastIn FirstOu... View full answer

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