Exercise 5-3 Perpetual: Inventory costing methods LO P1 [The following information applies to the questions displayed below,] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Units sold at Retail 100 units $15 80 units $15 Date Jan. 1 Beginning inventory 140 units$6.00 840 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 units 5.00300 180 units4.50810 $1,950 Totals 380 units 180 units Required The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory References Section Break Exercise 5-3 Perpetual: Inventory costing methods LO P1