Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to...
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Accounting
Use the following information for the Exercises 3-7 below. (Algo)
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory.
Date
Activities
Units Acquired at Cost
Units sold at Retail
January 1
Beginning inventory
205
units
@
$ 13.00
=
$ 2,665
January 10
Sales
165
units
@
$ 22.00
January 20
Purchase
140
units
@
$ 12.00
=
1,680
January 25
Sales
145
units
@
$ 22.00
January 30
Purchase
310
units
@
$ 11.50
=
3,565
Totals
655
units
$ 7,910
310
units
Exercise 6-3 (Algo) Perpetual: Inventory costing methods LO P1
Assume the perpetual inventory system is used.
Required:
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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