Required information Use the following information for the - Required information Use the following information for the Exercises below[The

Required information Use the following information for the

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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Activities Units Acquired at Cost Date 205 units $13.00= $2,665 Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 165 units $22.00 140 units $12.00 1,680 145 units e $22.00 310 units e $11.50= 3,565 $7,910 310 units Totals 655 units Exercise 5-3 Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic 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, and30 are from beginning inventory. Determine the cost assignedto ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Required: The Company uses a periodic 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

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