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Use the following information for the Exercises below. [The following information applies to the questions displayed below] Laker Company reported the following January purchases and
Use the following information for the Exercises below. [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 Dan. 1 Beginning Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost g inventory 205 units@ $13.00 - $2,665 140 units $12.001,680 310 units$11.503,565 Units sold at Retail 165 units $22.00 145 units $22.00 310 units Totals 655 units $7,910 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 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
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