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[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The
[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 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 201 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Required: 240 units Units Acquired at Cost $16.50 = Units sold at Retail $ 3,960 190 units $ 25.50 170 units $15.50 2,635 190 units $ 25.58 380 units 790 units $ 15.00- 5,700 $ 12,295 380 units 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.
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