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Accounting

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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 220 units @ $ 14.50= $ 3,190
January 10 Sales 170 units @ $ 23.50
January 20 Purchase 170 units @ $ 13.50=2,295
January 25 Sales 200 units @ $ 23.50
January 30 Purchase 370 units @ $ 13.00=4,810
Totals 760 units $ 10,295370 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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 (d) LIFO.

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