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  3. "laker company reported the following january purc

"Laker Company reported the following January purchases and sales data for its only product. The...

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Accounting

"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system.
Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average."
Date Activities Units Acquired at Cost Units sold at Retail
Units "Cost
per unit" Total cost Units Selling price per unit Total Sales
January 01 Beginning inventory 140 $6.00 $840
January 10 Sales 100 $15.00 $1,500
January 20 Purchase 60 $5.00300
January 25 Sales 80 $15.00 $1,200
January 30 Purchase 180 $4.50810
Totals 380 $1,950180 $2,700
Weighted Average Cost of Goods Sold Inventory Balance
Date Activities Units "Cost
per unit" Cost of goods sold Units Cost per unit Total Cost
January 01 Beginning inventory 140 $6.00 $840.00
January 10 Sales 100
January 20 Purchase
January 25 Sales 80
January 30 Purchase
Totals 180 $0.00
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