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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 only
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. Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 140 units @ $6.00 $840 Units sold at Retail Jan. 10 Sales 100 units $ 15 Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units @ $5.00 - 180 units @ $4.50- 380 units 300 80 units $ 15 810 $1,950 180 units The Company uses a perpetual inventory system. Fol specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
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