Required information Use the following information for the Exercises below. [The following information...
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Accounting
Required information
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.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
180
units
@
$
10.50
=
$
1,890
Jan.
10
Sales
140
units
@
$
19.50
Jan.
20
Purchase
110
units
@
$
9.50
=
1,045
Jan.
25
Sales
130
units
@
$
19.50
Jan.
30
Purchase
270
units
@
$
9.00
=
2,430
Totals
560
units
$
5,365
270
units
rev: 09_15_2017_QC_CS-99723
Exercise 5-5A Periodic: Inventory costing LO P3
Required:
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 270 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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