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Required information [ The following information applies to the questions displayed below. ] Laker Company reported the following January purchases and sales data for its
Required information
The following information applies to the questions displayed below.
Laker Company reported the following January purchases and sales data for its only product. For specific
identification, ending inventory consists of units from the January purchase, units from the January
purchase, and units from beginning inventory.
Assume the perpetual inventory system is used.
Required:
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.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Complete this question by entering your answers in the tabs below.
Specific
Identification
Weighted
Average
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Note: Round cost per unit to decimal places.
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