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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. Activities Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost 210 units@ $13.50 $2,835 150 units@ $12.50 1,875 Units sold at Retail 160 units @$22.50 180 units @ $22.50 320 units@ $12.00 = 3,840 680 units $8,550 340 units. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 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 cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. 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. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Inesectual 150-
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