Question
1. Laker Company Reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail
1. 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 | 140 units @ $6 = $840 | |
| Jan 10 | Sales | 100 units @$15 | |
| Jan 20 | Purchase | 60 units @ $5 = $300 | |
| Jan 25 | Sales | 80 units @ $15 | |
| Jan20 | Purchase | 180 units @ $4 = $720 | |
| Totals | 380 units |
A. Laker uses a periodic inventory system. Calculate COGS and Ending inventory amounts using LIFO, FIFO, and Average Cost:
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Entrepreneurial Financial Management An Applied Approach
Authors: Jeffrey R. Cornwall, David O. Vang, Jean M. Hartman
4th Edition
0765646854, 978-0765646859
