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Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units Acquired at Cost 90 units $700$ 1,330 10 units$6.00660 1,540 Units Sold at Retail 150 units 30 units @ $16.00 $16.00 280 units @ $5.50 1540 $3,530 Totals 580 units 280 units Required The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 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 (a) LIFO. (Round weighted average cost per unit to 2 decimal places.) a) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory- Ending Purchase Date Jan. 1Beginning inventory Jan. 20 Purchase Jan. 30 Purchase Unit Un Cost Units Sold Unit Cost COGS Inventory-Unit S 7.00 $ 6.00 S 5.50 Activity Units Units Cost 190$ 7.00 110 $ 6.00 280$ 5.50 580 $ 7.00 $6.00 S 5.50 S 0.0 0 0.0 b)Weighted Average- Perpetual Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost of Goods Sold Cost per | # of units Cost per unit # of units Cost per unit Inventory Balance Date unit sold January 1 January 10 January 20 190$ 40@ $ 40@ $ 110$ 150 @ 20 @ 20 @ 280@ 300 a 7.00 $1,330.00 7.00|=| $ 280.00 7.00$ 280.00 660.00 $ 940.00 150|@$ 7.00 $1,050.00 110|@$ 6.00 6.00 Average cost January 25 January 302 130 @ 280@$ 5.50 5.501,540.00 Totals $1,050.00 c) Perpetual FIFO: ods Purchas of Inventory Balance #of units cost per unit # of units sold Cost per Cost of Goods Sold Cost per Inventory Date # of units unit unit Balance 1907.001,330.00 January 1 January 10 January 20 40$7 40 110$ 6.00 7.00280.00 $ 7.00$ 280.00 660.00 $ 940.00 7.00$ 1,050.00 110 $ 6.00 January 25 40 110 $ 7.00$ 280.00 660.00 $ 940.00 6.00 January 30 280$ 5.50 Totals d) Perpetual LIFO: Goods Purchased #of units Cost of Goods Sold Inventory Balance cost per unit # of units sold cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit January 1 January 10 January 20 January 25 January 30 Totals

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