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Connect Alexis c secure https://newconnect.mheducation.com/flow/connect.html CHAPTER 5 HOMEWORK Seved Help Save & Exit Submit Check my work 2 Required information [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Part 1 of2 10 points Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 235 units @ $16.00 = $ 3,760 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units sold at Retail 185 units $25.00 200 units $25.00 180 units @ $15.00 = 2,700 eBook 370 units $14.50-5,365 785 units Hint Totals $11,825 385 units Print The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units where 370 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. Complete this questions by entering your answers in the below tabs Mc Graw Hill Prev 3 of 13 :" Next >

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Workings

Spec. ID Average cost FIFO LIFO Ending Inventory         5,840         5,822         5,815         5,845 Cost of goods Sold         5,985         6,003         6,010         5,980

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