Required information [The following information applies to the questions displayed below.] Laker Company...

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Accounting

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[The following information applies to the questions displayed below.] 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 150 units @ $ 7.50 = $ 1,125
Jan. 10 Sales 110 units @ $ 16.50
Jan. 20 Purchase 80 units @ $ 6.50 = 520
Jan. 25 Sales 90 units @ $ 16.50
Jan. 30 Purchase 200 units @ $ 6.00 = 1,200
Totals 430 units $ 2,845 200 units

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 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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