Laker Company reported the following January purchases and sales data for its only product. ...
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Accounting
Laker Company reported the following January purchases and sales data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
225
units
@
$
15.00
=
$
3,375
Jan.
10
Sales
175
units
@
$
24.00
Jan.
20
Purchase
180
units
@
$
14.00
=
2,520
Jan.
25
Sales
210
units
@
$
24.00
Jan.
30
Purchase
385
units
@
$
13.00
=
5,005
Totals
790
units
$
10,900
385
units
rev: 03_03_2017_QC_CS-81438
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 405 units, where 385 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
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