[The following information applies to the questions displayed below.] Laker Company reported the following...
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Accounting
[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
230
units
@
$
15.50
=
$
3,565
Jan.
10
Sales
180
units
@
$
24.50
Jan.
20
Purchase
190
units
@
$
14.50
=
2,755
Jan.
25
Sales
220
units
@
$
24.50
Jan.
30
Purchase
360
units
@
$
14.00
=
5,040
Totals
780
units
$
11,360
400
units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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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