Laker Company reported the following January purchases and sales data for its only product. The...
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Accounting
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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date
Activities
Units Acquired at Cost
Units sold at Retail
January 1
Beginning inventory
230
units
@
$ 15.50
=
$ 3,565
January 10
Sales
180
units
@
$ 24.50
January 20
Purchase
190
units
@
$ 14.50
=
2,755
January 25
Sales
220
units
@
$ 24.50
January 30
Purchase
400
units
@
$ 14.00
=
5,600
Totals
820
units
$ 11,920
400
units
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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