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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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost Date January 11 Activities Beginning inventory January 10 January 201 January 25 January 30 Sales Purchase Sales Purchase Totals equired: Units sold at Retail 200 units 130 units @ $12.50 $11.50 = $ 2,500 160 units @ $ 21.50 300 units @ $11.00 = 630 units 1,495 3,300 140 units B $21.50 $7,295 300 units 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 Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. 17 Goods Purchased Perpetual LIFO: Cost of Goods Sold Date Cast nar #of unite Castner Cost of Gnade 4 80 27 $ 888 74 Inventory Balance Cast nar
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