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
205
units
@
$
13.00
=
$
2,665
Jan.
10
Sales
165
units
@
$
22.00
Jan.
20
Purchase
140
units
@
$
12.00
=
1,680
Jan.
25
Sales
145
units
@
$
22.00
Jan.
30
Purchase
310
units
@
$
11.50
=
3,565
Totals
655
units
$
7,910
310
units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory.
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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