Required information [The following information applies to the questions displayed below.] Laker Company...
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Accounting
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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.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
150
units
@
$
7.50
=
$
1,125
Jan.
10
Sales
110
units
@
$
16.50
Jan.
20
Purchase
80
units
@
$
6.50
=
520
Jan.
25
Sales
90
units
@
$
16.50
Jan.
30
Purchase
200
units
@
$
6.00
=
1,200
Totals
430
units
$
2,845
200
units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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.
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